A surge in demand for COVID-19 tests and vaccines helped
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
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
Revenue from the company’s Boots stores in the
The company is expanding the care it provides at those locations. It has added more than 100 primary care clinics to its stores as part of a deal with
Employers and health insurers have been pushing for this as a way to control costs and keep people healthy.
But Brewer told analysts Thursday it was too early to see an impact from this on prescription volume in its stores.
The company's sales and profit growth could remain muted for a while due to these investments and tough comparisons to the previous year's quarters, Edward Jones analyst
“This is not a surprise to us, and we believe investing in the future is the right thing to do,” Boylan said.
Overall,
Revenue climbed to
Analysts forecast adjusted earnings of
Company shares tumbled more than 5% to
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