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Boots Triples Profits
Boots is part of Walgreens Boots Alliance, which is a global leader in pharmacy-led, health and well-being retail. (WBA) is an American multinational holding company. Historic pharmacy chain Boots has reported a surge in its pre-tax profit for its latest financial year amid reports its owner is considering a £7bn float in London.
The [latest] 2022-23 tax filing, posted on the Companies House website yesterday (May 28), shows that it made a post-tax profit of £47m, up from £15m in the previous tax year. Operating profit rose by 60 per cent to £88m year-on-year. Meanwhile, total revenue rose by 8.3 per cent to £7.05bn.
Prescriptions ‘Scripts’ and prescription services accounted for 33.1 per cent of revenue, a slightly lower share than the previous year (35.4%). I used to collect my prescriptions from Boots until they became too unreliable and I opted for another pharmacy. I have never in 3 years had a straightforward prescription collection from Boots.
The main reason shopping for scripts at Boots is chaos is understaffing (in the pharmacy). Their other, retail staff seem to be ‘not’ as busy but pharmacy staff are always under pressure both at the counter dealing with frustrated customers and behind the counter making up the scripts. Customer service is poor, under pressure staff sometimes lose control and take this out on customers.
My wife still collects her prescriptions from Boots despite similar multiple issues she remains with them. Today she collected her scripts. She asked if she could dispose of [leave with them] a full sharps box. Boots informed her that, ‘they do not accept ‘sharps’ and or ‘sharps boxes’ and she should contact her ‘City Council’.
Boots a profitable company that receives a third of its revenue from facilitating NHS prescriptions, whose business is facilitating drugs, medications, sharps etc. designating that a cash strapped Council is to facilitate sharps disposal.
The new accounts also show that the boss of Boots Seb James saw his pay fall by more than £1m to £2.7m in the year. The fall came after Seb James took home a pay packet worth £3.8m in the prior financial year, more than double the total in the year to the end of August 2021.
The decline was due to the amount James received through the company’s long-term incentive scheme being halved from £1.8m to £900,000 and his aggregate remuneration dropping by £200,000 to £1.7m. His pension payments of £100,000 remained the same.
James was group chief executive of Dixons Carphone before taking on his current role at Boots in 2018. He is a friend of former Prime Minister and current Foreign Secretary David Cameron and the pair were in the Bullingdon Club at Oxford together. James was among a number of major UK business leaders to endorse Labour. During the financial year 22/23 Boots UK operated 2,177 stores, down from 2,232.
Wallgreens Boots Alliance
The US giant, which has fully owned the company since 2014, reported sales of $139.1bn for the same financial year, up 4.8 per cent. However, its operating losses grew from $1.4bn to $6.9bn over the same period. For the first six months of its current financial year, Wallgreens Boots Alliance posted sales of $73.8bn, up 8.1 per cent and operating losses of $13.2m, up from $6bn.
Boots! You need to employ more pharmacy staff!
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