WASHINGTON (dpa-AFX) - Walgreens Boots Alliance Inc. (WBA), which is in deal to be taken private by Sycamore Partners, reported Thursday a net loss in its third quarter, compared to prior year's profit, despite higher net sales.
Due to the pending up to $23.7 billion deal, WBA has withdrawn its previously issued annual guidance, and it will not host a conference call.
Net loss attributable to the company in the third quarter was $175 million, compared to net earnings of $344 million in the year-ago quarter. Loss per share was $0.20, compared to earnings per share of $0.40 last year.
Adjusted net earnings were $334 million, compared to $545 million a year ago. Adjusted earnings per share were $0.38, compared to $0.63 in the prior year.
The Wall Street analysts on average expected the company to report earnings of $0.34 per share. Analysts' estimates typically exclude special items.
The third-quarter sales increased 7.2 percent to $39.0 billion from last year's $36.35 billion. The Street expected sales of $36.72 billion for the quarter.
The increase was 6.9 percent on a constant currency basis, reflecting sales growth in the U.S. Retail Pharmacy and International segments.
Chief Executive Officer Tim Wentworth said, 'Third quarter results reflect continued improvement in our U.S. Healthcare segment and benefits from our cost savings initiatives, while we continued to see weakness in our U.S. front-end sales. We remain focused on our turnaround plan, which will require time, disciplined focus and a balanced approach to manage future cash needs with investments necessary to navigate an evolving pharmacy and retail environment.'
The merger is currently expected to close in the third or fourth quarter of calendar year 2025, pending shareholder and regulatory approvals and other conditions to closing.
Following the deal closure, WBA common stock will no longer be listed on the Nasdaq Stock Market, and WBA will become a private company.
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