A Walgreens store
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Walgreens Boots Alliance stock was headed higher after reporting stronger earnings than Wall Street had expected as the company saw a surge in demand for Covid-19 vaccines.
Walgreens reported adjusted earnings for its fiscal fourth quarter of $1.17, beating the FactSet consensus estimate of $1.02 per share. The company reported revenue of $34.4 billion, above the consensus estimate of $33.3 billion.
Net income totaled $627 million, or 72 cents per share, up from $373 million, or 43 cents per share, last year.
Online and in-store sales at Walgreens stores in the U.S., which have been open at least 13 months, rose 8.1%, year-over-year, as consumers got Covid-19 vaccinations and filled more prescriptions. Sales of health and wellness products jumped 14% year-over-year, as consumers bought more at-home Covid tests and over-the- counter medications.
Walgreens (ticker: WBA) shares were up 2.20% to $48.3 in premarket trading, while S&P 500 futures were up 0.8%.
Despite headwinds early in the pandemic, the stock is up 18.5% so far this year and 31.6% in the past 12 months. Walgreens was one of the worst performers in the Dow Jones Industrial Average, with shares down about 32% last year.
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