Home Business News Boots sales slide over ‘challenging’ retail conditions

Boots sales slide over ‘challenging’ retail conditions

by LLB Reporter
28th Oct 19 3:57 pm

The high street pharmacy Boots has posted falling sales in the fourth quarter to 31 August by 2.1% with like-for-like pharmacy sales down by 1%.

NHS funding has decreased, and sales have seen lower volumes as the UK retailer has faced challenging retail conditions.

The US retail pharmacy sector posted a 2.1% rise to $26bn in the same quarter as prescription volumes rose in 2018 for the same period.

Walgreens Boots Alliance (WBA) annual sales rose by 4.1% to $136.9bn which surpassed expectations.

WBA sales rose by 1.5% to $34bn in the three months to 31 August whilst operating profits fell by 20.5% to $5bn.

In July Boots UK announced plans to close around 200 stores over the next 18 months. At the time Seb James, UK managing director said Boots will primarily focus on local pharmacy branches.

Stefano Pessina, executive vice chairman and chief executive of WBA said, “We are pleased to report fiscal 2019 results in line with our previously stated guidance despite a challenging operating environment.

“We are also making progress on our four strategic priorities, which we remain confident are positioning us to deliver long-term growth.

While we still face headwinds, I am encouraged by the improvement in US comparable sales performance in the second half of fiscal 2019 and our progress in managing costs in order to save to invest to grow.”

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