Walgreens Misses Quarterly Revenue Estimates, Purchase of Rite Aid Is Pending
A look at Walgreens Boots Alliance's latest quarterly results.
Shares of Walgreens Boots Alliance (WBA) - Get Report were in focus after reporting adjusted first-quarter earnings of $1.10 a share, beating estimates by 1 cent. Revenue dropped 1.8% year over year to $28.5 billion, missing forecasts of $29.2 billion. Walgreens is in the process of acquiring Rite Aid (RAD) - Get Report for $9.5 billion, a deal that is still pending. Shares declined 0.5% on Thursday. "We continue to anticipate that growth in the second half of fiscal 2017 will reflect the new strategic pharmacy partnerships we announced last year," said Executive Vice Chairman and CEO Stefano Pessina. "As a result, we have raised the lower end of our fiscal year guidance by 5 cents per share."
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