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Walgreens Boots Alliance Reports Net Loss of $3.5 Billion for the Year
Annual Revenue of $139.1 Billion
Walgreens Boots Alliance, Inc. [WBA], a leading retail pharmacy and health and wellbeing company, has released its annual financial report for the year ended August 31, 2023. The company reported a net loss of $3.5 billion, compared to a net earnings of $4.1 billion in the previous year. Despite the challenging global economic conditions, Walgreens Boots Alliance achieved annual revenue of $139.1 billion, representing a year-on-year growth of 4.9%.
The company's performance in the fiscal year 2023 was impacted by several factors, including increased operating expenses and impairment charges. Gross profit, however, remained relatively stable at $27.1 billion. Selling, general, and administrative expenses amounted to $34.2 billion, reflecting increased investments in marketing and technology to drive customer engagement and digital transformation. The company's operating loss for the year was $6.9 billion.