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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.
Walgreens Boots Alliance experienced solid revenue growth across its key business segments. The Retail Pharmacy USA division recorded sales of $82.4 billion, an increase of 6.6% compared to the previous year. The Retail Pharmacy International division generated $13.8 billion in sales, representing a growth of 4.1%. The Pharmaceutical Wholesale division's sales reached $29.2 billion, a 3.7% increase. These results reflect the company's focus on expanding its customer base and delivering innovative healthcare solutions.
Despite the net loss, Walgreens Boots Alliance demonstrated financial stability with a strong balance sheet. The company had cash and cash equivalents of $728 million and marketable securities of $11 million. Total assets amounted to $96.6 billion, including non-current assets of $81.1 billion. On the liabilities side, the company had current liabilities of $24.5 billion and non-current liabilities of $43.6 billion.
Basic net loss per common share for the year was ($3.57), compared to earnings per share of $5.02 in the previous year. The diluted net loss per common share was also ($3.57), a decrease from $5.01 in the previous year. These figures reflect the impact of the net loss on the company's earnings per share.
Looking ahead, Walgreens Boots Alliance remains focused on its strategic priorities, including enhancing its omnichannel capabilities, expanding its healthcare services, and driving operational efficiencies. The company aims to provide personalized and accessible healthcare solutions to its customers and improve the overall patient experience. While the global economic outlook remains uncertain, Walgreens Boots Alliance is confident in its ability to navigate challenges and deliver long-term value to its shareholders.
Despite reporting a net loss for the year, Walgreens Boots Alliance achieved solid revenue growth and demonstrated financial stability. The company's focus on innovation, customer engagement, and expanding healthcare services position it well for future success. With a strong balance sheet and strategic priorities in place, Walgreens Boots Alliance is optimistic about its ability to drive growth and create value for its stakeholders.