Home » Pandemic propels Walgreens in 2Q but impact expected to fade
A surge in demand for COVID-19 tests and vaccines helped Walgreens deliver a better second quarter than Wall Street expected.
But that boost from the ongoing pandemic isn’t expected to last, and the drugstore chain stuck to a 2022 outlook issued earlier. Company leaders also told analysts that Walgreens’ big shift into delivering more care was too recent to see measurable growth in prescriptions or customer store visits.
Company shares slid 6% at the opening bell Thursday.
Sales climbed 3% in the quarter that ended in February, as customers spent money on at-home COVID-19 tests as well as cold, flu and beauty products. The company also administered 11.8 million vaccines in the quarter, which boosted pharmacy sales as the omicron surge of the virus peaked in the U.S.
Revenue from the company’s Boots stores in the United Kingdom also jumped as more customers returned to stores even though restrictions to fight omicron were in place for much of the quarter.
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