Walgreens beat analysts’ expectations for fiscal first-quarter earnings, as customers came to stores for Covid vaccines and tests.
Despite that, shares of the company fell after Walgreens spoke of rising labor costs as its pharmacists are stretched thin by administering vaccines and filling prescriptions.
The drugstore chain raised its forecast for the year, saying it now anticipates adjusted earnings per share to grow the low single-digits instead of being flat.
The company said it administered 15.6 million Covid vaccines in the fiscal first quarter — bringing its total to over 56 million to date.