Boots UK parent company Walgreen Boots Alliance reported a 22.1 per cent fall in quarterly profits compared to last year, despite seeing overall sales rise by almost eight per cent.

Net earnings in the quarter ending November 30 2017 fell to $821 million (£606 million) compared to 2016, while overall sales were up 7.9 per cent to $30.7 billion (£22.6 billion).

This shortfall is the result of an impairment charge relating to Chinese wholesale partner Guangzhou Pharmaceuticals, Walgreen Boots Alliance said.

Boots UK reported a 0.1 per cent increase in comparable pharmacy sales and a 1.4 per cent drop in comparable retail sales.

Walgreen Boots Alliance chief executive and executive vice chairman Stefano Pessina commented that the company had “delivered another strong performance in the first quarter”.

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