Walgreens Boots Alliance highlights growth in second quarter of 2016

Walgreens Boots Alliance has remained on target to meet its financial goals for the 2016 business year during the second quarter.

In the three months ending on February 29th 2016, the company generated a net sales total of $30.2 billion (21.33 billion pounds), which represents a year-on-year increase of 13.6 percent.

This is attributable to the significant expansion of the scale of the business following the completion of the merger between Walgreens and Alliance Boots, with net earnings per diluted share also increasing by 11 percent to $1.31.

During Q2, the company succeeded in reducing costs and establishing more efficient working practices, while its pharmacy businesses proved successful, with the UK division cited as one of the key drivers of growth.

For the year as a whole, Walgreens Boots Alliance is raising the low end of its anticipated adjusted net earnings per diluted share guidance by five cents, meaning the figure is now expected to be between $4.35 and $4.55.

Stefano Pessina, executive vice-chairman and chief executive officer of Walgreens Boots Alliance, said: "Looking ahead, we remain on track to achieve our expectations for this fiscal year, as we work to mitigate lower pharmacy reimbursement rates and challenging retail sales environments."