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Walgreens' Cautious Outlook Spooks Investors After Its Earnings Beat Estimates

Employees stock shelves at a Walgreens store in Elmwood Park, Illinois.

Employees stock shelves at a Walgreens store in Elmwood Park, Illinois.

Photographer: Christopher Dilts/
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Walgreens Boots Alliance Inc. maintained its guidance for 2022 earnings even as the drugstore chain beat Wall Street’s estimates for fiscal third-quarter profit and revenue, another hiccup after it abandoned the planned sale of its UK pharmacy unit. 

Adjusted earnings were 96 cents a share, Walgreens said Thursday in a statement, compared with the average estimate of 94 cents, and sales of $32.6 billion also beat expectations. The company kept its outlook for low-single digit earnings growth. The shares fell as much as 5.6% as of 1 p.m. in New York, the most intraday in a month, after losing 22% this year through Wednesday.