Shares dive 6.3 percent as Walgreens Boots Alliance reports sixth straight fall in retail sales for Q1 2018

Shares dive 6.3 percent as Walgreens Boots Alliance reports sixth straight fall in retail sales for Q1 2018

Walgreens Boots Alliance’s stock recorded its biggest intraday percentage loss in more than two years, dropping to US$70.73, as the company announced its results for the first quarter of fiscal 2018, according to a report published by Reuters.

The drugstore chain saw comparable retail sales fall 0.9 percent, its sixth consecutive drop in same-store sales. Executive Vice Chairman and CEO, Stefano Pessina remained upbeat, however.

“I am pleased that we delivered another strong performance in the first quarter, led by continued prescription volume and market share growth in Retail Pharmacy USA. At the same time, we continue to position our company for future growth with the acquisition of the first Rite Aid stores following regulatory clearance for the transaction in September. Since the end of the quarter, we announced an agreement to acquire 40 percent of Sinopharm Holding Guoda Drugstores Co., Ltd., a leading retail pharmacy chain in China, where regulatory changes have allowed us to prioritize retail opportunities. We also have accepted an offer to sell part of our investment in our Chinese wholesale partner Guangzhou Pharmaceuticals Corporation for a substantial cash return,” he said.

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