that tumbled nearly 25% to $845 million for the period ended Nov. 30, 2019 compared with the year-ago period thanks in part to ongoing reimbursement pressures and lower-than-expected prescription volume. Sales were up 1.6% to $34.3 billion in the first quarter.
Walgreens is amid a massive cost management program designed to simplify operations and supply chain management in what executives have said will save $1.8 billion or more annually by 2022. Meanwhile, Walgreens is investing hundreds of millions of dollars to reinvent the company’s stores and pharmacy operations.
“We are confident our strategic plans are the right ones to drive long-term sustainable growth going forward,” Pessina said in a statement accompanying the earnings report. “During the quarter we were very satisfied with the progress made in our transformational cost management program and with the strong cash flow we delivered.”
Source: News Formal (newsformal.com)
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