An individual rides previous a Walgreens truck, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York Metropolis, U.S., November 26, 2021. Andrew Kelly | ReutersThe outcomes come as Walgreens’ new CEO, Tim Wentworth, works to slash prices and steer the corporate out of a tough spot. Shares of Walgreens fell 30% final yr as the corporate confronted weakening demand for Covid merchandise, low pharmacy reimbursement charges, an unsteady push into well being care and a difficult macroeconomic setting. In a launch on Thursday, the corporate stated it’s assured it is going to meet its objective of saving $1 billion throughout fiscal 2024 via its ongoing cost-cutting program. Walgreens has laid off workers, closed unprofitable shops and used synthetic intelligence to make its provide chain extra environment friendly, amongst different efforts.Here is what Walgreens reported for the quarter:Earnings per share: $1.20 adjusted, it was not instantly clear if it in comparison with the 82 cents anticipated by Wall Avenue, based mostly on a survey of analysts by LSEGRevenue: $37.05 billion vs. $35.86 billion expectedWalgreens narrowed its fiscal 2024 adjusted earnings steerage to $3.20 to $3.35 per share. That compares to the corporate’s earlier outlook of $3.20 to $3.50 per share. Analysts surveyed by LSEG anticipate full-year adjusted earnings of $3.24 per share.Walgreens stated the brand new steerage displays the hurdles going through retailers within the U.S. and an early wind-down of sales-leaseback packages. It additionally takes under consideration decrease earnings because of Walgreens’ ahead sale of shares of drug distributor Cencora, previously often called AmerisourceBergen.The corporate stated a stronger efficiency in its pharmacy providers section and a decrease adjusted efficient tax price helped to offset the components dragging on its earnings. The corporate didn’t give a brand new income forecast for the fiscal yr. Walgreens has not supplied that steerage since October, when it stated it sees $141 billion to $145 billion in gross sales. The corporate reported a internet lack of $5.91 billion, or $6.85 per share, for the quarter. That compares with a internet revenue of $703 million, or 81 cents per share, for a similar interval a yr in the past. Excluding sure gadgets, adjusted earnings per share had been $1.20 for the quarter. Walgreens stated its fiscal second-quarter outcomes embrace a $5.8 billion non-cash goodwill impairment cost associated to VillageMD. The corporate booked gross sales of $37.05 billion within the quarter, a roughly 6% bounce from the identical interval a yr in the past. The corporate stated that improve displays gross sales development throughout its three enterprise segments. However Walgreens’ U.S. health-care division stood out as gross sales jumped about 33% within the fiscal second quarter in comparison with the identical interval a yr in the past. Income for the section got here in at $2.18 billion. The corporate stated the upper gross sales replicate VillageMD’s acquisition of multi-specialty care supplier Summit Well being and development throughout all companies within the section on a pro-forma foundation.VillageMD gross sales grew 20% because of same-clinic development, amongst different components. Gross sales from the section’s specialty pharmacy firm, Shields Well being Options, grew 13%, because of new contracts and expansions of present partnerships.Specialty pharmacies are designed to ship drugs with distinctive dealing with, storage and distribution necessities, usually for sufferers with advanced circumstances similar to most cancers and rheumatoid arthritis.Walgreens and VillageMDSource: WalgreensMeanwhile, Walgreens’ U.S. retail pharmacy section generated $28.86 billion in gross sales within the fiscal second quarter, a rise of virtually 5% from the identical interval final yr.That section operates greater than 8,000 drugstores throughout the U.S., which promote prescription and nonprescription medication in addition to well being and wellness, magnificence, private care, and meals merchandise. Walgreens stated pharmacy gross sales for the quarter rose 8.2% in contrast with the year-ago quarter, as comparable gross sales climbed 8.7% because of value inflation in model drugs and “sturdy execution” in pharmacy providers. Whole prescriptions crammed within the quarter together with immunizations totaled 305.7 million, a greater than 2% improve from the identical interval a yr in the past. Retail gross sales for the quarter fell 4.5% from the prior-year quarter, and comparable retail gross sales declined 4.3%. The corporate pointed to a difficult retail setting and a weaker respiratory season, amongst different components. Walgreens’ worldwide section, which operates greater than 3,000 retail shops overseas, posted $6.02 billion in gross sales within the fiscal second quarter. That is a rise of greater than 6% from the year-ago interval. The corporate stated gross sales from its U.Ok. subsidiary, Boots, grew 3%.