Walgreens saw a large surge in sales during the first three weeks of March as people stocked up on prescription drugs and supplies in preparation for the coronavirus pandemic to hit the U.S., before seeing sales drop in the last week of the month, CNBC reported.
Walgreens said sales were up 26 percent in the first three weeks of March, but fell by a mid-teens percentage in the last week. It didn't reveal the percentage of sales drop.
Global Chief Financial Officer James Kehoe said during an earnings call that the sales declines from the last week may offset the initial gains, according to CNBC.
Sales fell as stores saw less foot traffic in stores and fewer sales of things like beauty products.
Walgreens said it can't provide a reliable outlook for investors about how the COVID-19 pandemic will affect its business in the future, but Mr. Kehoe said the company's "fundamentals are sound, and we are convinced we will exit this global crisis in a strong position," CNBC reported.
Walgreens earnings per share were $1.52 adjusted versus $1.46 expected. Revenue was $35.82 billion versus $35.27 expected.
Its retail pharmacy sales increased 3.8 percent to $27.2 billion compared to a year ago.
The company attributed its revenue growth to a large number of prescriptions being filled and high drug costs.
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