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Walgreens forecasts 2021 profit growth after Q4 earnings beat

Credit: REUTERS/MOHAMMAD KHURSHEED

Adds adj. earnings, deatils

Oct 15 (Reuters) - Drugstore chain Walgreens Boots Alliance Inc WBA.Osaid on Thursday it expects profit to grow in single digits in 2021 after posting a better-than-expected fourth-quarter profit, helped by higher sales at U.S. pharmacies.

Shares of the largest U.S. drugstore chain rose 2.8% to $36.93.

The company said it expects strong adjusted profit growth in the second half of 2021, as impact of the COVID-19 pandemic subsides, and supported by its recovery plans.

Last quarter, the company suffered a significant decline in footfall in its UK-based retail pharmacies, and resorted to store closures, job cuts and suspension of share repurchases.

Same-store sales at the company's retail pharmacy division in the United States rose 3.6% from a year earlier.

Excluding items, Walgreens earned $1.02 per share, beating analysts' expectations of 96 cents per share.

(Reporting By Manas Mishra and Mrinalika Roy in Bengaluru; Editing by Vinay Dwivedi)

((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 806749 8325;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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