Walgreens Boots Alliance, Inc. (NASDAQ:WBA) Q1 2020 Earnings Conference Call - Final Transcript

Jan 08, 2020 • 08:30 am ET

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Walgreens Boots Alliance, Inc. (NASDAQ:WBA) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the Walgreens Boots Alliance Inc. First Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions].

I would now like to hand the conference over to your speaker today Gerald Gradwell, Senior Vice President of Special Projects and Investor Relations. Please go ahead.

Executive
Gerald Gradwell

Good morning, ladies and gentlemen and welcome to our first quarter earnings call. I am here today with Stefano Pessina, our Executive Vice Chairman and Chief Executive Officer of Walgreens Boots Alliance; James Kehoe, our Global Chief Financial Officer and Alex Gourlay, Co-Chief Operating Officer of Walgreens Boots Alliance and President of Walgreens.

Before I hand you over to Stefano to make some opening comments, I will, as usual, take you through the legal safe harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on our current market's competitive, and regulatory expectations and are subject to risks and uncertainties that could cause actual results to vary materially. Except to the extent required by the law, we undertake no obligation to update publicly any forward-looking statement after this presentation whether as a result of new information, future events, changes in assumptions or otherwise.

Please see our latest Form 10-K for a discussion of risk factors as they relate to forward-looking statements. In today's presentation, we will use certain non-GAAP financial measures. We refer you to the appendix in the presentation materials available on our Investor Relations website for reconciliations to the most directly comparable GAAP financial measures and related information.

You will find a link to the webcast on our Investor Relations website at investor.walgreensbootsalliance.com. After the call, this presentation and webcast will be archived on the website for 12 months.

I will now hand you over to Stefano.

Executive
Stefano Pessina

Thank you, Gerald and hello everyone. As you will see from our figures, it has been a slow start to the financial year with a competitive US pharmacy environment and soft trading conditions in the UK. That said, as you will hear, there are a number of items affecting the year-on-year comparisons and given the initiatives that we have underway, we are maintaining our full year guidance.

In the quarter, we continued to make progress against all four of our core strategic priorities. We are making progress in moving our data resources to a new and more flexible cloud-based infrastructure with a significant benefits that brings. We have also made a good progress with the development of new services to build on this new infrastructure to announce our customer experiences, make our teams more efficient and effective and open new opportunities for our businesses. Clearly, this work on the digitalization of our company must and are closely tie-in with our work to modernize our retail offering and the shape and structure of our retail footprint. At the same time, we