Boots sales nudge up amid Walgreens turnaround plan
Boots UK sales nudged up during its second quarter from the year prior, as its parent company Walgreens Boots Alliance also saw revenues increase.
Boots UK sales nudged up during its second quarter from the year prior, as its parent company Walgreens Boots Alliance also saw revenues increase.
The health and beauty giant‘s revenues increased 1.6% during the three months to 28 February, with its owners sales jumping 4.1%, pushing it above analyst expectations.
Retail sales were up 5.1% compared to the same time last year, with growth experienced across all categories.
Additionally, online revenues jumped 19.5%, marking 20% of Boots’ total retail sales while pharmacy sales rose 5% from the year prior.
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Walgreens Boots Alliance CEO Tim Wentworth said: “We remain in the early stages of our turnaround plan, and continue to expect that meaningful value creation will take time, enhanced focus and balancing future cash needs with necessary investments to navigate a changing pharmacy and retail landscape.”
Looking ahead, the retailer withdrew its fiscal 2025 guidance as a result of its planned $10bn takeover by private equity company Sycamore Partners, which was set out in March.
The deal will take Walgreens Boots Alliance private, with the transaction expected to be completed by the end of 2025. The move raises questions over the future of Boots and its stores across the UK.
Walgreens began exploring the sale to the American private equity giant back in December.
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