Walgreens forecasts 2021 profit growth after fourth-quarter earnings beat

REUTERS: Drugstore chain Walgreens Boots Alliance Inc said on Thursday it expects profit to grow in single digits in 2021 after posting a better-than-expected fourth-quarter profit, helped by higher sales at U.S. pharmacies.Advertisement

The company said it expects strong adjusted profit growth in the second half of 2021, as impact of the COVID-19 pandemic subsides, and supported by its recovery plans. Last quarter, the company suffered a significant decline in footfall in its UK-based retail pharmacies, and resorted to store closures, job cuts and suspension of share repurchases.

Same-store sales at the company's retail pharmacy division in the United States rose 3.6per cent from a year earlier. Excluding items, Walgreens earned US$1.02 per share, beating analysts' expectations of 96 cents per share.

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