Walgreens Surpasses Earnings Expectations but Slashes Dividend by Nearly 50% 💸

Walgreens reported fiscal first-quarter adjusted earnings of 66 cents per share, beating analysts' estimates of 61 cents. Revenue came in at $36.71 billion, above estimates of $34.86 billion. However, the company cut its quarterly dividend nearly in half to 25 cents per share from 48 cents to strengthen its balance sheet and cash position. Total prescriptions filled were flat at 311.6 million, which is flat compared to a year ago. Retail sales, excluding pharmacy, fell 6.1% due to a weaker cold and flu season impacting medication and vaccine demand.