Boots UK sees Q2 profits fall 9.2% as sales drop by almost a fifth
Its parent company, Walgreens Boots Alliance, saw an 8.4% increase in profits to $1bn (£725m), which was predominantly driven by sales in the US
Boots UK has revealed that gross profits decreased 9.2% for the second fiscal quarter ended 28 February reflecting lower retail sales and pharmacy volumes.
Comparable retail sales for the pharmacy chain’s UK division also saw a decrease of 17.9% as the group continued to be impacted by lower footfall due to Covid-19 restrictions.
However, the sales loss was partially offset by the strong performance of Boots.com which saw a 105% increase as customers favoured e-commerce shopping.
Its parent company, Walgreens Boots Alliance, saw an 8.4% increase in profits to $1bn (£725m) in the second quarter, which was predominantly driven by sales in the US.
Additionally, total group sales for the company jumped 4.6% to $32.7bn (£23.7bn) from $31.3bn (£22.7bn) which was marginally less than the company had originally forecasted.
Rosalind Brewer, CEO, said: “Overall, we have achieved a good financial quarter with results well ahead of expectations, despite significant impacts from COVID-19, and we have raised our full-year EPS guidance.
“I will continue to review closely all our initiatives, strategies and opportunities to capitalise fully on the incredible potential in front of us. Our team will move swiftly and decisively to best serve the needs of our patients, customers and communities around the world, at this critical time and beyond.”
