Robust start to FY18
WBA reported a $0.02 Q118 adj. EPS beat, supported by strong top-line trends. Pharmacy comps grew +7.4%, driven by script volumes up +8.9% (AE +8.5%). FX was also favourable in the quarter assisting international sales growth. Encouragingly, US gross profit dollars grew YoY for the second consecutive quarter. Overall, operating margins were down 30bps YoY and were ~40bps below consensus however. This was offset by strong buybacks ($2.5bn vs. AE $1.25bn) to leave EPS $0.02 ahead. FY EPS guidance was raised $0.05 at the low-end, while RAD targets were reaffirmed. There was no update on tax reform. Overall, a robust start to FY18.Walgreens Boots Alliance is a holding company. Through its subsidiaries, the company is engaged in retail and wholesale pharmacy. The company's operations are organized into three divisions, which are also its reportable segments: Retail Pharmacy USA; Retail Pharmacy International; and Pharmaceutical Wholesale. The Retail Pharmacy USA division has pharmacy-led health and beauty retail offerings. The Retail Pharmacy International division has pharmacy-led health and beauty retail businesses. The Pharmaceutical Wholesale division, which mainly operates under the Alliance Healthcare brand, supplies medicines, other healthcare products and related services to pharmacies, doctors, health centers and hospitals.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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