Boots reports 18% decrease in operating income amid Covid-19 virus outbreak
Health and beauty retailer Boots has reported a 18.7% decrease in operating income to $1.2bn (£973m) as a result of the Covid-19 virus pandemic.
In its six months to 29 February, Boots reported its sales increased by 3.7% to $35.8bn (£29.1bn), as operating income decreased by 12% to $1.7bn (£1.38bn).
The health and beauty retailer also reported online sales increased by 23% in this period.
The parent company of Boots, Walgreens Boots Alliance (WBA) attributed the decrease to the impact of bonus payments and investments in technology alongside the ongoing coronavirus pandemic, which has prevented the openings of new beauty halls in UK stores.
Executive vice chairman and chief executive Stefano Pessina said: “We are pleased to report second quarter results exceeding our expectations, with sequential improvement in comparable US prescription volume and retail sales.
“During these unprecedented times of global uncertainty, Walgreens Boots Alliance is on the front lines of combating the Covid-19 pandemic. Our number one priority is to continue to provide essential services, products and information at this critical moment of need, demonstrating our unwavering commitment to our customers and patients, and to our people.”
