On the occasion of the publication of its results for the first quarter of 2023-24, Walgreens Boots Alliance announced a near halving (-48%) of its quarterly dividend per share, to $0.25.

"We are evaluating all strategic options to generate long-term sustainable value for shareholders, with a focus on rapid action to adjust costs and increase cash flow", says CEO Tim Wentworth.

Over the first three months of its financial year, the drugstore chain saw its adjusted EPS fall by 43% to $0.66, despite sales growth of 10% to 36.7 billion, including an 8.7% increase at constant exchange rates.

Explaining this drop in profits by difficult trends in the U.S. retail market and a higher tax rate, Walgreens nevertheless maintains its full-year adjusted EPS forecast of $3.20 to $3.50.

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