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Jim Cramer Reacts to Walgreens Earnings

Credit: The Street
Published on April 2, 2019 - Duration: 01:59s

Jim Cramer Reacts to Walgreens Earnings

Real Money Stock of the Day Walgreens Boots Alliance posted weaker-than-expected second quarter earnings Tuesday and slashed its 2019 outlook, warning profits would be "roughly flat" from the previous year.

Walgreens said earnings for the three months ending in February, the company's fiscal second quarter, came in at $1.64 per share, down 5.4% from the same period last year and well shy of the Street consensus forecast of $1.73 per share.

Group sales, Walgreens said, rose 4.6% to $34.5 billion and matched analysts' forecasts of $34.57 billion.

Looking into the whole of 2019, Walgreens said it sees "roughly flat" profits, markedly lower than that 7% to 12% growth if had predicted, thanks in part to falling generic drug prices.

Jim Cramer weighed in, saying that he believes that Walgreens should have pre-announced the quarter ahead of earnings.

And what about the fact that the company still sells tobacco products despite competitor CVS CVS doing away with them?

Cramer says that Walgreens needs to get rid of tobacco products "yesterday." Related.

Is Opportunity Knocking as Walgreens Stock Suffers a Bloodletting?

Watch Jim Cramer's Daily NYSE Show and Replays Below

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