(Corrects last paragraph to show 12-month stock movement was
"down 4.4 percent", not "up 82.5 percent")
April 5 Drugstore chain operator Walgreens Boots
Alliance Inc, reported a surprise drop in quarterly
sales, citing challenging market conditions in continental
Europe, and as a strong dollar reduced the value of sales
outside the United States.
The company also said on Wednesday it would repurchase $1
billion worth of shares till Dec. 31.
The largest U.S. drugstore chain, which has been waiting
nearly a year and a half for regulatory approval to buy smaller
rival Rite Aid Corp, did not provide an update on the
Walgreens in January reduced its offer price to $6.50-$7.00
per share from $9.00, valuing Rite Aid at $6.84 billion-$7.37
billion, and said it expects the deal to close on July 31.
The average value of the dollar has risen 3.3 percent
against a basket of currencies in the three months ended
Walgreens said sales from its international business fell
14.5 percent to $3.1 billion. Sales in its wholesale business,
which also has operations in Europe, fell 10.6 percent to $5
Net income attributable to the company, rose to $1.06
billion, or 98 cents per share, in the second quarter ended Feb.
28, from $930 million, or 85 cents per share, a year earlier.
Excluding items, the company reported a profit of $1.36 per
share, in line with the average analyst estimate, according to
Thomson Reuters I/B/E/S.
Net sales fell to $29.45 billion from $30.18 billion a year
earlier. Analysts on average had expected sales to remain flat.
The company's shares, which are down 4.4 percent in the last
12 months as of Tuesday's close, were down 1.2 percent in
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by