October 28, 2019 / 11:15 AM / 15 days ago

Walgreens quarterly profit slumps on charges related to cost-cut plan

Oct 28 (Reuters) - Drugstore chain Walgreens Boots Alliance Inc posted a 55.2% slump in quarterly profit on Monday, hurt by charges related to a cost-cutting plan announced earlier this year.

Net income attributable to Walgreens fell to $677 million, or 75 cents per share, in the fourth quarter ended Aug. 31, from $1.51 billion, or $1.55 per share, a year earlier.

Operating income in the quarter fell 30.3% to $700 million, owing to lower gross margin and a 16.1% impact from charges related to the cost-cut plan, the company said.

Revenue rose to $ 33.95 billion from $33.44 billion.

Reporting by Manas Mishra and Trisha Roy in Bengaluru; Editing by Arun Koyyur

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