Walgreens tops fiscal Q3 forecasts as recovery continues

Walgreens earnings surged past Wall Street expectations for the fiscal third quarter, as the drugstore chain continued to rebuild sales hurt by the COVID-19 pandemic

Walgreens earnings surged past Wall Street expectations for the fiscal third quarter, as the drugstore chain continued to rebuild sales hurt by the COVID-19 pandemic. Millions of vaccinations and tests helped pharmacy sales rebound, and an easing of pandemic restrictions in the United Kingdom brought some customers back to the company’s Boots stores. Overall, the company earned $1.2 billion in the quarter that ended May 31. That compares to a $1.7 million loss in last year’s quarter, when Walgreens booked $2 billion in pandemic-related charges. Total sales climbed 12% to more than $34 billion in the most recent quarter, and adjusted earnings amounted to $1.51 per share.