Boots figures exceed expectations in first quarter

Boots-owner Walgreens Boots Alliance (WBA) has announced that the company's financial results have exceeded expectations in the first quarter.

WBA raised full-year guidance to low-single digit growth, from flat previously, as a result of the unexpected growth in sales across the business.

The results were driven by Covid-19 vaccinations and testing, with Boots UK recording a particularly strong sales boost of 16.3 per cent during the period.

The UK health and beauty chain saw pharmacy sales surge by 8.8 per cent compared to the same period of the previous year, highlighting stronger demand for pharmacy services.

Boots.com also performed well, with online sales in the first quarter nearly doubling compared with pre-pandemic levels.

Adjusted gross profit for the overall business increased by 18.2 per cent, reflecting strong UK growth.

“First quarter results exceeded our expectations, with a very encouraging performance across all our business segments,” said WBA chief executive Rosalind Brewer. "I am particularly excited about the progress we’re making in building out Walgreens Health.

"The strong start to the fiscal year reinforces our confidence in the future, and as a result, we are raising our guidance for the full year and increasing investments in our people. Looking ahead, we are well positioned for sustainable, long-term value creation.”

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