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All About shoes Best PPT Templates

Quick and easy to customize Built-in custom color palette Data charts (editable via Excel) No animation template Modern layouts based on master slides

Sports shoes PowerPoint Presentations Samples

Easy to change colors Free images and artwork Replaceable the image into placeholder Created with high quality slides All elements are editable

Women's shoes - Free Powerpoint Templates Design

Presentation photos are included; Aspect ratio - 4:3 (normal) Creative and innovative presentation slides Trend template

Free Design Template - Womens shoes

Landscape orientation style Clean style Modern, attractive, and business-friendly colors Easily editable data driven charts (pie, bar, line)

Pink Running shoes - Free PPT Sample

Creative slides Smart and innovative presentation slides Landscape orientation style Image placeholders

Free Design Template - Briefcase and shoes

Professional business presentation Easy to edit in PowerPoint Free images and artwork Image placeholders

Free Presentation Templates - Black Running shoes

Modern and clean design Smart and innovative presentation slides Free images and artwork Easy color change

Free Design Template - A Man Wearing shoes

Smart and innovative presentation slides Free images and artwork 4:3 aspect ratios Easy to change colors

Free Powerpoint Template - Basketball shoes

Presentation photos are included; All images included 4:3 aspect ratios Latest Templates support version

Early Rainy Season and Rain shoes - Free Presentation Templates

Non-animated No animation template 1 aspect ratios (4:3) Latest Templates support version

What’s your favorite sneakers? Simple Templates Design

100% fully editable PowerPoint slides Built-in custom color palette 100% vector (fully editable maps, infographic, icons) Presentation photos are included; 100% fully editable via Excel Drag & drop image placeholders

The World of Soccer PowerPoint Templates

Easy customization Creative slides All images included Easy color change Master layout with text placeholders

A Shoe Store - Free Template Design

Presentation photos are included; All images included Non-animated 4:3 aspect ratios

White Sneakers - Free PPT Template

Modern and clean design Free images and artwork Non-animated Landscape orientation style

Lace Shaped in Heart - Free Presentation Templates

Creative slides 4:3 aspect ratios Format: PowerPoint (.pptx) - designed with Microsoft PowerPoint 2016 Easy color change

A Warm Ugg Boots - Free PPT Template

Format: PowerPoint (.pptx) - designed with Microsoft PowerPoint 2016 Modern, attractive, and business-friendly colors Easily editable data driven charts (pie, bar, line) Easy color change

Suits - Free Powerpoint Sample

Professional business presentation Aspect ratio - 4:3 (normal) Format: PowerPoint (.pptx) - designed with Microsoft PowerPoint 2016 Easy color change

Various Colors Sneakers - Free Powerpoint Sample

Easy to edit in PowerPoint 1 aspect ratios (4:3) Clean, modern, and creative slides Clean style

Autumn Hiking elegant ppt templates

Modern, simple, and clean design Easy to change colors Easy editable data driven charts (pie, bar, line) Easy to edit in PowerPoint Modern layouts based on master slides

Interior Design for Home Marketing Presentation PPT

Scalable vectorial PowerPoint shapes and PowerPoint icons Easy to customize without graphic design skills Completely editable presentation template Professional and unique slides Fully editable vector graphics Creatively crafted slides

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Footwear PowerPoint Templates & Google Slides Themes

Unlock your presentation potential: explore our collection of professionally crafted free and premium powerpoint templates and backgrounds for instant download.

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Footwear PowerPoint Template

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Choose and download Footwear PowerPoint templates , and Footwear PowerPoint Backgrounds in just a few minutes. And with amazing ease of use, you can transform your "sleep-inducing" PowerPoint presentation into an aggressive, energetic, jaw-dropping presentation in nearly no time at all. These from free or premium Footwear PowerPoint Templates and Backgrounds are a great choice for a wide variety of presentation needs.

Our Free and Premium PowerPoint Templates are "pre-made" presentation shells. All graphics, typefaces, and colors have been created and are pre-set by an expert graphic designer. You simply insert your text. That's it!

Free vs. Premium Footwear PowerPoint Presentation Templates

PoweredTemplate offers a wide range of free Footwear PowerPoint Presentation Templates. You can find them by filtering by “Free”, from the “Filters” option on the site, on the top left corner of the screen after you search. This content is completely free of charge.

If you download our free Footwear PowerPoint templates as a free user, remember that you need to credit the author by including a credits slide or add an attribution line “Designed by PoweredTemplate”, clearly and visibly, somewhere in your final presentation.

PoweredTemplate also offers premium PowerPoint templates, which are available only to Premium users. There is no difference in product quality between free and premium Footwear PowerPoint Presentation Templates.

Best Footwear PowerPoint Templates

Are you looking for professionally designed, pre-formatted Footwear PowerPoint templates so you can quickly create presentations? You've come to the right place - PoweredTemplate has created these templates with professionals in mind. At PoweredTemplates, we understand how busy you are and how you love to save time.

That's why we've created a set of PowerPoint design templates with a Footwear theme. These Footwear PowerPoint templates are a great choice for a wide variety of presentation needs. Spend your time wisely - download the Footwear PowerPoint Templates today.

Footwear PowerPoint Presentation Themes FAQ

What are footwear powerpoint templates.

A PowerPoint template is a pattern or blueprint for your slides that you save as a .pptx or .potx file.

All the Footwear PowerPoint templates are natively built in PowerPoint, using placeholders on the slide master, color palettes, and other features in PowerPoint, and can contain layouts, theme colors, theme fonts, theme effects, background styles, and even content (according to Microsoft Office).

How to choose Footwear PowerPoint templates for presentations?

Choose after carefully studying the template features and viewing the big preview images. All the product information is on the product page in the description and a list of the features can be found in the horizontal scrolling bar under the Download button. You may download a few free templates before making the final decision.

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Sustainable Footwear Campaign

It seems that you like this template, sustainable footwear campaign presentation, free google slides theme, powerpoint template, and canva presentation template.

It's no secret that humans have been overproducing stuff for many years. The change is slow, but it's there. Using recycled materials and a more eco-friendly manufacturing process for making shoes can help alleviate the problem of overproduction, and it's the definition of sustainable footwear. Do you want to promote a campaign in favor of this type of footwear? We've got a template that lets you show all the information about that campaign in a more organized way. It has some textured backgrounds and some photos (with a filter applied!). Discuss with your colleagues how to make the most of this business chance.

Features of this template

• 100% editable and easy to modify
• 34 different slides to impress your audience
• Contains easy-to-edit graphics such as graphs, maps, tables, timelines and mockups
• Includes 500+ icons and Flaticon’s extension for customizing your slides
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• Includes information about fonts, colors, and credits of the resources used

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footwear Powerpoint templates and Google Slides themes

Discover the best footwear PowerPoint templates and Google Slides themes that you can use in your presentations.

Businessman’s Accessories PowerPoint Templates

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Footwear industry PowerPoint Presentation Templates and Google Slides

Footwear Industry Business Plan Go To Market Strategy

You can survive and sail through cut-throat competition if you have the right skills and products at hand. If a business plan is on your upcoming agenda, then it will not be wise of you to proceed in absence of our well-designed Footwear Industry Business Plan Go To Market Strategy document. Our business plan word document swears by in-depth detailing and thus answers every question that may hit you or your audience at any point of time. Whats more, are the multi-fold benefits that our word document offers. Made up of high-resolution graphics, this document does not hamper when projected on a wide screen. Being pre-designed and thoroughly editable this ready-made business plan saves a lot of the presenters time and efforts which otherwise get wasted in designing the business plan from scratch. We make our business plan word documents available to you keeping in mind the competitive edge. Join your hands with us now.

Footwear And Accessories Business Pitch Deck Major Trends In Footwear And Accessories Industry Graphics PDF

Following slide depicts the major trends in the footwear and accessories industry. Trends includes personalization of products, special edition products, partnership with celebrities, etc. Presenting footwear and accessories business pitch deck major trends in footwear and accessories industry graphics pdf to provide visual cues and insights. Share and navigate important information on four stages that need your due attention. This template can be used to pitch topics like personalization, special edition or partnership, accomplish. In addtion, this PPT design contains high resolution images, graphics, etc, that are easily editable and available for immediate download.

Clothing Business Startup Capital Raising Major Trends In Footwear And Accessories Industry Formats PDF

Following slide depicts the major trends in the footwear and accessories industry. Trends includes personalization of products, special edition products, partnership with celebrities, etc. This is a clothing business startup capital raising major trends in footwear and accessories industry formats pdf template with various stages. Focus and dispense information on four stages using this creative set, that comes with editable features. It contains large content boxes to add your information on topics like customers, premium, technology. You can also showcase facts, figures, and other relevant content using this PPT layout. Grab it now.

Shoe Firm Investor Pitch Deck Major Trends In Footwear And Accessories Industry Download PDF

Following slide depicts the major trends in the footwear and accessories industry. Trends includes personalization of products, special edition products, partnership with celebrities, etc. This is a Shoe Firm Investor Pitch Deck Major Trends In Footwear And Accessories Industry Download PDF template with various stages. Focus and dispense information on four stages using this creative set, that comes with editable features. It contains large content boxes to add your information on topics like Personalization, Consumer, Partnership. You can also showcase facts, figures, and other relevant content using this PPT layout. Grab it now.

Retail Industry Examination For Footwear Company Infographics PDF

This slide covers retail sector analysis of a footwear company . It includes analysis based on product usage type, end users, distribution channel, key challenges and future opportunities for footwear industry. Pitch your topic with ease and precision using this Retail Industry Examination For Footwear Company Infographics PDF. This layout presents information on Changing Consumers, Shopping Patterns, Distribution Channel. It is also available for immediate download and adjustment. So, changes can be made in the color, design, graphics or any other component to create a unique layout.

Footwear Industry Introduction And Assessment Ppt PowerPoint Presentation Complete Deck With Slides

This Footwear Industry Introduction And Assessment Ppt PowerPoint Presentation Complete Deck With Slides is designed to help you retain your audiences attention. This content-ready PowerPoint Template enables you to take your audience on a journey and share information in a way that is easier to recall. It helps you highlight the crucial parts of your work so that the audience does not get saddled with information download. This ninteen slide PPT Deck comes prepared with the graphs and charts you could need to showcase your information through visuals. You only need to enter your own data in them. Download this editable PowerPoint Theme and walk into that meeting with confidence.

Addressing Major Challenges Catered By Footwear Industry Ppt Show Deck PDF

This slide portrays details about various challenges catered by the footwear industry such as modifications in consumer preferences, administration policy, inadequate start-up capital, inadequate technology and knowledge, etc. These challenges may be stated directly as customer needs or implied indirectly. Find a pre designed and impeccable Addressing Major Challenges Catered By Footwear Industry Ppt Show Deck PDF. The templates can ace your presentation without additional effort. You can download these easy to edit presentation templates to make your presentation stand out from others. So, what are you waiting for Download the template from Slidegeeks today and give a unique touch to your presentation.

Determining Growth Drivers For Footwear Industry Ppt Diagrams PDF

This slide caters to details about various growth drivers resulting in footwear industry progress such as growing demand for comfortable footwear, increased sports participation, growing fashion consciousness, rapid rate of urbanization, etc. and also gives confidence in the organization to achieve business goals. Want to ace your presentation in front of a live audience Our Determining Growth Drivers For Footwear Industry Ppt Diagrams PDF can help you do that by engaging all the users towards you. Slidegeeks experts have put their efforts and expertise into creating these impeccable powerpoint presentations so that you can communicate your ideas clearly. Moreover, all the templates are customizable, and easy to edit and downloadable. Use these for both personal and commercial use.

Footwear Industry Global Market At A Glance Ppt Icon Portfolio PDF

The purpose of this slide is to highlight the market size of the global footwear industry, including its products share in 2021 and 2022, its forecasted value in 2030, and CAGR. It also depicts primary reasons driving the markets growth include expanding e-commerce sales and rising demand for sports footwear. There are so many reasons you need a Footwear Industry Global Market At A Glance Ppt Icon Portfolio PDF. The first reason is you can not spend time making everything from scratch, Thus, Slidegeeks has made presentation templates for you too. You can easily download these templates from our website easily.

Global Shoe Footwear Industry Overview Ppt Infographic Template Templates PDF

This slide provides a comprehensive overview of the global shoe or footwear industry, offering valuable insights for companies planning to introduce their brand and products to consumers within this market. It includes clients potential, focused markets and key insights related to the footwear industry. Do you have to make sure that everyone on your team knows about any specific topic I yes, then you should give Global Shoe Footwear Industry Overview Ppt Infographic Template Templates PDF a try. Our experts have put a lot of knowledge and effort into creating this impeccable Global Shoe Footwear Industry Overview Ppt Infographic Template Templates PDF. You can use this template for your upcoming presentations, as the slides are perfect to represent even the tiniest detail. You can download these templates from the Slidegeeks website and these are easy to edit. So grab these today.

Key Global Footwear Industry Insights Ppt Professional PDF

This slide represents important insights about the global footwear industry, providing valuable information for companies looking to understand the market and make informed business decisions. It includes drivers, restraints, opportunities and challenges. Get a simple yet stunning designed Key Global Footwear Industry Insights Ppt Professional PDF. It is the best one to establish the tone in your meetings. It is an excellent way to make your presentations highly effective. So, download this PPT today from Slidegeeks and see the positive impacts. Our easy to edit Key Global Footwear Industry Insights Ppt Professional PDF can be your go to option for all upcoming conferences and meetings. So, what are you waiting for Grab this template today.

Key Statistics Associated With Footwear Industry Ppt Pictures Graphic Tips PDF

This slide highlights the thorough assessment of a market within the footwear industry. It will help in getting valuable insights and project the success that the company expects while introducing its brand and its products to consumers within the market. Present like a pro with Key Statistics Associated With Footwear Industry Ppt Pictures Graphic Tips PDF Create beautiful presentations together with your team, using our easy to use presentation slides. Share your ideas in real time and make changes on the fly by downloading our templates. So whether you are in the office, on the go, or in a remote location, you can stay in sync with your team and present your ideas with confidence. With Slidegeeks presentation got a whole lot easier. Grab these presentations today.

Table Of Contents For Footwear Industry Introduction And Assessment Ppt Professional Designs Download PDF

Do you have an important presentation coming up Are you looking for something that will make your presentation stand out from the rest Look no further than Table Of Contents For Footwear Industry Introduction And Assessment Ppt Professional Designs Download PDF. With our professional designs, you can trust that your presentation will pop and make delivering it a smooth process. And with Slidegeeks, you can trust that your presentation will be unique and memorable. So why wait Grab Table Of Contents For Footwear Industry Introduction And Assessment Ppt Professional Designs Download PDF today and make your presentation stand out from the rest.

Key Market Trends Shaping Footwear Industry Ppt Professional Format PDF

This slide highlights the key market trends that have the potential to change the current market scenario, as well as ways that the company can stay ahead of competitors. With these trends, the company will look for innovative or new ways of providing its products and services. From laying roadmaps to briefing everything in detail, our templates are perfect for you. You can set the stage with your presentation slides. All you have to do is download these easy to edit and customizable templates. Key Market Trends Shaping Footwear Industry Ppt Professional Format PDF will help you deliver an outstanding performance that everyone would remember and praise you for. Do download this presentation today.

The Marketing Mix Of Analysis Of Revenue Trend In Major Footwear Industries Strategy SS V

This slide provides the trend in revenue growth between three major footwear industries i.e. Nike, Adidas and puma. It highlights the revenue generated by the industries in past ten years. Are you searching for a The Marketing Mix Of Analysis Of Revenue Trend In Major Footwear Industries Strategy SS V that is uncluttered, straightforward, and original Its easy to edit, and you can change the colors to suit your personal or business branding. For a presentation that expresses how much effort you have put in, this template is ideal With all of its features, including tables, diagrams, statistics, and lists, its perfect for a business plan presentation. Make your ideas more appealing with these professional slides. Download The Marketing Mix Of Analysis Of Revenue Trend In Major Footwear Industries Strategy SS V from Slidegeeks today.

The Marketing Mix Of Brand Value Of Adidas In Footwear Industry Strategy SS V

This slide provide the statistical data representing the brand value of Adidas in the footwear industry. It highlights the brand value of Adidas from 2016 to 2021. Slidegeeks has constructed The Marketing Mix Of Brand Value Of Adidas In Footwear Industry Strategy SS V after conducting extensive research and examination. These presentation templates are constantly being generated and modified based on user preferences and critiques from editors. Here, you will find the most attractive templates for a range of purposes while taking into account ratings and remarks from users regarding the content. This is an excellent jumping-off point to explore our content and will give new users an insight into our top-notch PowerPoint Templates.

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Footwear Industry Business Plan Powerpoint Presentation Slides

If you need to familiarize yourself with creating a shoe store business plan, you may think creating one will take time and effort. If youre going to start a shoe store or expand your current one, you need a business plan. Therefore, our team has created this Footwear Industry Business Plan PPT that showcases the necessary information to write each essential component of your shoe store business plan. It explains the business goals and strategy for reaching them. It also includes market research to support your objectives, such as competitive environment, industry insights, industry trends, growth revenue drivers, target market, etc. It also covers Porters framework and how it affects the shoe industry, the existing market gaps, solutions, opportunities, market sizing, including TAM, SAM, and SOM, go to marketing strategy, sales funnel, etc. Additionally, the plan includes a financial overview that assures a well thought and carefully considered proposition. It consists of the revenue model, balance sheet, cash flow statement, break even analysis, DCF valuation, and profit and loss statement. Download this completely editable presentation to get our well researched and expertly crafted offering.

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You can survive and sail through cut throat competition if you have the right skills and products at hand. If a business plan is on your upcoming agenda, then it will not be wise of you to proceed in absence of our well designed Footwear Industry Business Plan Powerpoint Presentation Slides document. Our business plan word document swears by in depth detailing and thus answers every question that may hit you or your audience at any point of time. Whats more, are the multi-fold benefits that our word document offers. Made up of high resolution graphics, this document does not hamper when projected on a wide screen. Being pre-designed and thoroughly editable this ready made business plan saves a lot of the presenters time and efforts which otherwise get wasted in designing the business plan from scratch. We make our business plan word documents available to you keeping in mind the competitive edge. Join your hands with us now.

People who downloaded this PowerPoint presentation also viewed the following :

• Complete Decks , All Decks , Business Plans
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• Footwear Market Share And Growth Statistics ,
• Trends Shaping Footwear Industry ,
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• Major Players In Footwear Industry

Content of this Powerpoint Presentation

Slide 1 : This slide introduces Footwear Industry Business Plan. State your company name and begin. Slide 2 : This slide shows Table of Content for the presentation. Slide 3 : This slide states Agenda of the presentation. Slide 4 : This slide highlights title for topics that are to be covered next in the template. Slide 5 : This slide highlight Executive summary of retail shoe store start-up Slide 6 : This slide covers the shoe industry's vision, mission, and goals. Slide 7 : This slide provides information about start-up expenditures that incur during the process of establishing a shoe store. Slide 8 : This slide covers Implementing effective shoe product solution by analyzing market gap. Slide 9 : This slide highlight Product categories offered by shoe store. Slide 10 : This slide covers the essential points to be considered while selling shoe/footwear products in the market. Slide 11 : This slide exhibit table of content- Industry Analysis. Slide 12 : The purpose of this slide is to highlight the market size of the global footwear industry. Slide 13 : This slide highlights the thorough assessment of a market within the footwear industry. Slide 14 : This slide highlights the thorough assessment of a market within the skincare industry. Slide 15 : This slide highlights Key market trends shaping footwear industry. Slide 16 : This slide portrays details about various challenges catered by the footwear industry. Slide 17 : This slide caters to details about various growth drivers resulting in footwear industry progress. Slide 18 : This slide portrays an ideal business location for skincare products that minimize the risk of failure. Slide 19 : This slide exhibit table of content- Customer Analysis Slide 20 : This slide helps in Assessing target customer profile for shoe store. Slide 21 : This slide covers the important factors that people consider when buying a pair of shoes. Slide 22 : This slide provides a glimpse of how to better understand the target audience, to fine-tune marketing campaigns, and increase e-commerce personalization. Slide 23 : The purpose of this slide is to depict the market potential of footwear in terms of TAM, SAM, and SOM. Slide 24 : This slide exhibit table of content- Competitor Analysis. Slide 25 : The purpose of this slide is to provide a glimpse of major participants and key competitors of the industry. Slide 26 : This slide exhibit table of content- Comprehensive SWOT analysis of footwear industry Slide 27 : The purpose of this slide is to identify the industry' strengths, weaknesses, opportunities, and threats related to the business. Slide 28 : This slide exhibit table of content- Detailed porter’s five forces analysis for footwear industry. Slide 29 : The slide highlights porter’s five forces model and its implications in the US footwear industry. Slide 30 : This slide exhibit table of content- Marketing Plan Slide 31 : The purpose of this slide is to implement an effective go-to-market strategy. Slide 32 : The purpose of this slide is to implement an effective go-to-market strategy. Slide 33 : The purpose of this slide is to implement an effective go-to-market strategy. Slide 34 : The purpose of this slide is to implement an effective go-to-market strategy. Slide 35 : This slide helps in Understanding shoe store customer journey through sales funnel. Slide 36 : This slide exhibit table of content- Operational Plan Slide 37 : The purpose of this slide is to highlight Business model - Retail selling plan for footwear industry. Slide 38 : The purpose of this slide is to highlight Business model – E-commerce selling plan for footwear industry. Slide 39 : The slide covers particular objectives or goals that the organization intends to attain as part of its business plan. Slide 40 : This slide exhibit table of content- Financial Plan Slide 41 : This slide provides a Key financial assumptions for shoe store start-up. Slide 42 : The slide shows the effective revenue model of the footwear industry, which displays the cost incurred and the various sources of income. Slide 43 : The slides highlight the break-even analysis of the firm. Slide 44 : The slides provide a glimpse of the projected profit and loss statement to visualize the skincare store’s financial performance for the next five years. Slide 45 : The slides provide a glimpse of the projected profit and loss statement to visualize the skincare store’s financial performance for the next five years. Slide 46 : The slides highlight the company's cash flow statement Consolidated statements of cash flows for shoe store start-up. Slide 47 : The slides highlight the company's cash flow statement to provide a detailed picture of what happened to a business's cash during a specified period. Slide 48 : The slides highlight Comparative balance sheet statement for shoe store start-up. Slide 49 : The slides highlight Comparative balance sheet statement for shoe store start-up. Slide 50 : The purpose of this slide is to examine the effects of potential future events on the company’s performance. Slide 51 : The purpose of this slide is to examine the effects of potential future events on the company’s performance. Slide 52 : The purpose of this slide is to calculate the amount of money an investor would get from an investment after adjusting for the time value of money. Slide 53 : This slide exhibit table of content- Management Summary. Slide 54 : The slide highlights the organizational hierarchy in the company. Slide 55 : This slide highlights the founder’s biggest professional achievements and most valuable skills. Slide 56 : This slide highlights the job roles and responsibilities of shoe store key management people. Slide 57 : This slide highlights the job roles and responsibilities of shoe store key management people. Slide 58 : This slide exhibit table of content- Possible exit strategies for footwear industry. Slide 59 : This slide highlight Possible exit strategies for footwear industry. Slide 60 : This slide exhibit table of content- Key abbreviations used in the plan. Slide 61 : The purpose of this slide is to highlight the shorter version of existing words to save time and take up less space. Slide 62 : This slide contains all the icons used in this presentation. Slide 63 : This slide is titled as Additional Slides for moving forward. Slide 64 : This slide depicts Venn diagram with text boxes. Slide 65 : This is Our Goal slide. State your firm's goals here. Slide 66 : This slide shows Post It Notes. Post your important notes here. Slide 67 : This is Our Team slide with names and designation. Slide 68 : This slide provides Clustered Column chart with two products comparison. Slide 69 : This slide presents Roadmap for process flow. Slide 70 : This slide contains Puzzle with related icons and text. Slide 71 : This is a Financial slide. Show your finance related stuff here. Slide 72 : This is a Timeline slide. Show data related to time intervals here. Slide 73 : This slide shows SWOT describing- Strength, Weakness, Opportunity, and Threat. Slide 74 : This is a Thank You slide with address, contact numbers and email address.

Footwear Industry Business Plan Powerpoint Presentation Slides with all 79 slides:

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Footwear Industry - PowerPoint PPT Presentation

Footwear Industry

Market reports on india present the latest report on “footwear industry”,the profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. – powerpoint ppt presentation.

• Introduction
• What is this report about?
• Who is the target reader?
• How to use this report
• Definitions
• BRIC Footwear
• Industry Outlook
• Footwear in India

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Indian Footwear Industry

Jul 12, 2014

1.44k likes | 3.82k Views

Indian Footwear Industry. 2 nd largest footwear producer in world The size of Indian footwear market is around 26300 crores and expected to reach Rs . 38700 crores with a CAGR of 15% by 2015 Indian footwear retail is mainly an unorganized market with around 60% market share

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Indian Footwear Industry • 2nd largest footwear producer in world • The size of Indian footwear market is around 26300 crores and expected to reach Rs. 38700 crores with a CAGR of 15% by 2015 • Indian footwear retail is mainly an unorganized market with around 60% market share • At present, Men's contribute around 60% of footwear market against Women's share of 30% • Men's market is growing at a CAGR of 10% & Women's market is growing at a much faster CAGR of 20 % • More than 4000 manufacturing units in footwear(most of them are small scale-55%) • The non-metro market accounts for nearly 55% of the overall footwear industry

SWOT Analysis

Major Brands • Low cost comfortable slippers • For men, women and kids • Available in different shades and designs • Relaxo is the largest producer of Hawaii slippers in India • Price range ₹70- ₹115 • “Mazbooti Bhi, Style Bhi” • Relaxo’s most exclusive brand for women • Also available for kids • Price range ₹130- ₹360 • “Fashionable and Lite”

Major Brands • School Shoes • Price range ₹200- ₹500 • Targeted towards youth • Shoes, sandals and slippers • Sporty looks and durable • Price range ₹600- ₹2950

Recently Launched • Leather footwear for men • Sophisticated look and comfort • Price range ₹800- ₹3000 • Targeted towards kids • Shoes and sandals • Price range ₹400- ₹600

Promotions • Signed Salman Khan for “HAWAII”, Katrina Kaif for “FLITE” and then Akshay Kumar for “SPARX” • Relaxohas experienced a record-breaking growth rate of 4800% within the last 10 years • The cost on promotion went up to 5507.62 lakhs in 2012-13 from 2961.77 lakhs in 2011-2012

Online Presence • Has own online shopping portal as http://www.shopatrelaxo.com/ • Online sales in footwear industry accounts for approx. 8 % of sales • Properly segmented (For him, For her, For Junior) • Has a Facebook page https://www.facebook.com/relaxofootwears • Approx 125,000 likes • Showcases new products with price and offers, if launched • Advertisement done to attract targeted customers • Reviews help customers in their discretion Online Store Facebook

Good distribution network. Present even in smaller villages • Most of their business (~90%) comes through distributors with excellent terms • Aggressive ground presence with 150 exclusive company owned retail stores and 50 more opened in FY13

Retail Chain • Company-owned stores, 'Relaxo Retail Shoppe', are more from image building exercises and helps the dealer/retailer network • Company relies more on distributor-retailer network for sales • Besides it sells footwear by means of e-commerce operations- www.shopatrelaxo.com

Differentiation Segmentation • The entire market can be segmented on the basis of Age, Gender and Price Relaxo footwear has the following differentiating advantage over the competition: • Relaxo consistently lives by and upheld its quality and customer satisfaction • Produced state of the art footwear at very low cost price • Caters to the demand of the middle income groups without compromising on quality

Targeting • Based on the Segmentation following Brands of Relaxo Footwear target the segments

Positioning • Relaxo Footwear tries to cater to the demand of all the consumer bases and hence it has tried to position in all the segments through various brands • It positions its brand Hawaii and Schoolmate as a value for money product • Also its Sparx range go footwear is perceived as a high quality, durable and value for money product • Flite and Elena are considered to be fashionable, light and comfortable by the Women customers

Financials India is the world's second largest footwear producing country Per capita footwear consumption is 2.5 pairs per year in 2012 Size of Indian footwear market is around 26300 crores and expected to reach 38700 crores with a CAGR of 15% by 2015

Financials At present, Men's contribute around 60% of footwear market against Women's share of 30%. Indian footwear retail is mainly an unorganized market with around 60% market share. The size of the organised sector which was around 7500 crores in 2010 increased to 10000 crores in 2011, growing at a CAGR of 30% every year since 2008. The market is expected to reach 17500 crores by 2015 growing at a CAGR of 19% p.a.

Financial Analysis • Company has sold 10.02 cr. pairs of footwear in 2012-13. • Sales turnover has reached Rs. 1004 cr. • Company has posted net profit of Rs. 44.8 cr.

Competitor Analysis • Relaxo competes with various local brands like BATA, Action, Liberty, Lakhani etc. • Bata being a major competitor in term of market share due to high reliance on outsourcing work to outsider and high asset turnover ratio. • Relaxo is meeting the competition by capacity increase (which is leading to high asset turnover ratio) and focusing more on non hawaii chappal business and is getting focused to urban market. • It is largest producer of hawaii chappal in north India. • The company has recently appointed Accenture to advice on the business strategies and systems in order to enhance its marketability and reach to the consumers

Comparison with Competitors Amounts in Rs. crore

Marketing Objectives • Try to match or beat Bata to become No.1 player in Indian Market. • Try to influence people to have different set of footwear for each purpose rather than a single pair for all occasions • Focus on selling Good Quality shoes at Affordable Prices • Shift focus from just North India to expansion across all parts of India – strengthen distribution network • Increase sales through • Stronger distribution network • Expansion in Foreign Markets like Africa • Communication of Product Benefits compared to unbranded footwear • Better variety and design of products

Hawaii King • Relaxo is the largest manufacturer of hawaii chappals in India • It has a huge market in rural areas • Price in the range of Rs 70- 100 • Cheap and very robust

Introduction of Safari Range of Sandals • Relaxo should enter into low cost sandal market • Sandals are also a hit in the rural areas • Market dominated by local players • Relaxo being a trusted brand has huge growth potential

Relaxo has already targeted the urban segment with its SPARX brand of sandals • 70% of the Indians live in rural areas • The target customers are poor and middle class people living in rural areas • There is very high brand loyalty in rural areas

Points of difference: performance(durability) high strength, use in any weather and cheap • Points of parity: easy to wear and use • Brand mantra: “Majbuti bhi, Style bhi” • The main means of differentiation is by • Channel differentiation: Effective and Efficient distribution channel • Image differentiation

Marketing Mix Product • Colours black & brown • Design will cover most of the feet • Available in standard sizes • Warranty period of 3-6 months Promotion • Posters of Brand ambassador Salman Khan with the sandals to be put at easily visible areas • TV and Radio commercials • Special promotional events during festivals • Active promotion during school events harvesting season Price • Rural market is very price sensitive market • The price should be maintained under Rs.250 • Due to large scale of production and good distribution system these prices can be easily targeted Place • Using its strong supply chain network of hawaii chappals for supplying sandals • Training and motivating channel members • Avoiding channel conflict • Make them available at all major footwear stores in this areas

Schoolmate • Schoolmate is the children’s shoes brand ranging from Rs 200 – Rs 500 • It includes school uniform shoes for boys and girls • White tennis shoes for children are also a part of this brand • The focus of Schoolmate is to provide comfortable shoes for the tender feet of children

Suggestions Target the semi-urban markets Product • Sturdier shoes with more durable soles to suit the semi-urban environment Promotion • Hoardings, TV and radio commercials • “Har Student Ka Dost” Place • Retail outlets in the vicinity of all schools will sell Schoolmate shoes Price • Keeping the price at Rs 100 – Rs 200 to penetrate the semi-urban market • Bulk Discount to Schools

Boston • Relaxo brand that includes formal leather shoes, loafers, sandals and party wears • Lesser promoted brand of Relaxo • High value product targeted to the middle and higher income groups • Has wide variety of products, a type for each occasion

Boston – Marketing Plan • Increase awareness among the target audience by using promotional activities • Price – Rs. 700-2500 • Positioning - “A shoe for every occasion” • Promotion - Advertisement showing Salman Khan starting day in office in formals, evening meeting with friends in Loafers and end day in Party Shoes at a party. • Place – Tier 1 and Tier 2 cities

Mary-Jane DSTP Segmentation and Targeting • Age group (21 to 45 years) • Location (Tier 1 and Tier 2 cities) • Income levels (middle and upper class) • Occupation (working women and housewives) • Professional women – shoes for workplace and leisure • Housewives - fashionable but more casual shoes • Target women who buy unbranded footwear from street shops Differentiation • Look and Feel of a designer brand at lower price • Branded Footwear with emphasis on quality and durability Positioning • Every woman’s choice • A shoe for every occasion

Marketing Mix Price • Price range Rs. 700 – 2500 Promotion • Radio, TV, Print Advertisements • Social Networking Websites • Women Fashion Magazines • Create Radio Jingles for spreading awareness of the product • Association with a celebrity – Katrina Kaif Product • Unmatched, extensive selection of different shoes • Accessibility • Professional customer service • Competitive pricing Place • Retail stores • Factory outlet stores • Online/E-Commerce

Suggestions • Retail commissions are very low, so many shops do not want sell Relaxo footwear. • Should focus more on Sparx and Flite brands which are more preferred products by the distributors. • Focus more on fastest selling SKUs • Spend higher on commissions and offer better credit terms to retailers • Over-concentration in North India markets - RFL sells almost 65% of its products in the north Indian market thereby creating a very high dependence on the states of north Indiawile leaving a large market untapped. • Company should expand distributor–retailer network to South, East and West India

Over 50% of the retail shops have managed to break even while the remaining continues to make losses. • Should pursue a good mix strategy of few self-owned and franchisee models, to minimize risk and share risk with partners • Focus on increasing presence in multi-brand retail outlets that has presence in malls and high street stores • Should expand its self owned stores throughout India. • Stores should focus more on spreading brand awareness in addition to improving sales • In order to shift focus to parts other than North India, increase the sales force to cover all regions of India. 3rd party field force can be used for faster implementation of sales expansion strategy • Improve exports in countries in Europe, Africa and other Asian countries

Drive Online Sales • Online shoe shopping currently accounts for about 8% of the footwear sales in India and is expected to reach about 20% by 2015. • Relaxo’s online sales are limited to shopatrelaxo.com. • Majority of the online shoe shoppers buy from Myntra.com, Jabong.com, Yebhi.com, etc. that sell shoes from various brands. • Relaxo Footwear should thus also be available on these websites which would improve visibility and drive sales. • Relax Shoppe are only present in 9 states and thus online presence will boost sales from areas currently out of reach.

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Princess Charlene Attends Monaco’s 2024 Olympic Team Presentation in Metallic Silver Pumps and White Pantsuit

The sharply pointed shoes added flair to her monochrome outfit..

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Princess Charlene of Monaco looked patriotic as ever as she complemented a stately white pantsuit with metallic silver pumps to join her husband in attending the presentation of the city-state’s 2024 Olympic team on June 27.

Princess Charlene coordinated with her husband, Prince Albert II, to represent their country’s flag through their wardrobe choices. The flag of Monaco is two colors, red on top and white on the bottom. Princess Charlene wore a monochrome white outfit consisting of pants, a plain shirt and a suit jacket with a shawl lapel; her creased dress pants featured a tapered silhouette. Made of a thick fabric that blended with her jacket, the princess’s shirt included a scoop neckline. She wore her hair tied back, which allowed her pearl earrings to be noticed.

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Meanwhile, Prince Albert II wore a collared white shirt and similarly creased white pants, which he paired with a red jacket and striped tie — both of which were emblazoned with Monaco’s coat of arms.

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Princess Charlene, a former Olympic swimmer herself, set off the white ensemble with metallic silver pumps; the gleaming shoes boasted a pointy toe and a high heel. With the shiny surface reflecting all that came within her reach, the shoes added zest to an otherwise understated yet elegant look.

Princess Charlene is known to pair her royal ensembles with classic footwear, like the suede Manolo Blahnik pumps she wore to the Rolex Monte-Carlo Masters tennis tournament. A fan of the Spanish designer — and a silver shoe — she wore the brand’s metallic leather Chaos sandals to King Charles III’s coronation reception. See more of her footwear style evolution here .

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Stephanie Davis; Analyst; Barclays Bank PLC

Presentation

Good day, and thank you for standing by. Welcome to the Walgreens Boots Alliance third-quarter 2024 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference call over to your speaker today, Tiffany Kanaga, Vice President of Investor Relations. Please go ahead.

Tiffany Kanaga

Good morning. Thank you for joining us for the Walgreens Boots Alliance earnings call for the third quarter of fiscal year 2024. I'm Tiffany Kanaga, Vice President of Investor Relations. Joining me on today's call are Tim Wentworth, our Chief Executive Officer; and Manmohan Mahajan, Global Chief Financial Officer. In addition, Mary Langowski, President of US Healthcare; Rick Gates, Senior Vice President and Walgreens' Chief Pharmacy Officer; and Tracey Brown, President of Walgreens Retail and Chief Customer Officer, will participate in Q&A. As always, during the conference call, we anticipate making projections and forward-looking statements based on our current expectations. Our actual results could differ materially due to a number of factors, including those listed on slide 2 and those outlined in our latest Form 10-K filed with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement after this presentation, whether as a result of new information, future events, changes in assumptions or otherwise. You can find our press release and the slides referenced on this call in the Investors section of the Walgreens Boots Alliance website. During this call, we will discuss certain non-GAAP financial measures. These measures are reconciled to the most directly comparable GAAP financial measures, and the reconciliations are set forth in the press release. You may also refer to the slides posted to the Investors section of our website for reconciliations of non-GAAP measures to the most comparable GAAP measures discussed during this earnings call. We encourage you to review the comparable GAAP measures and reconciliation to non-GAAP values in the other earnings materials we provided. I will now turn the call over to Tim.

Timothy Wentworth

Thanks, Tiffany, and good morning, everyone. While this quarter's results were not in line with our expectations, I want to start today by sharing some reflections on what I've observed since joining WBA. I'm at Walgreens today because I believe in the future of retail pharmacy and particularly in our future. We are motivated by the trust Americans place every day in their Walgreens pharmacy. And the experience we provide them in our stores and with our digital offerings is important in their lives. Over our 125-year heritage, we have earned the right to engage with patients and customers in a way that few others can rival. I believe that this human-to-human interaction is an imperative in healthcare, and the core foundation of our business is the relationship we have with our customers. Through our nationwide footprint, we touch nearly 9 million lives a day as the leading independent integrated retail pharmacy and healthcare provider. This dynamic is why PBMs, payers, providers, and pharma choose to work with Walgreens. Looking back over the last several quarters, we've built a world-class leadership team, including five new members. We now have the right people in place who are already executing with a sense of urgency on a turnaround for our business. All of this is underscored by our 330,000 passionate and dedicated team members who differentiate us and deliver exceptional customer and patient experiences every day. The bottom line is that I'm confident WBA will be a leader in the future of healthcare with pharmacy and retail at its center. And the long-term potential of the company will be shaped by offerings built around the relationship that we've nurtured with our customers over time. But we also acknowledge where we are today and what we need to do to realize our longer-term ambitions. The severity and duration of the challenges in the operating environment have only added urgency to our strategic and operational review, and we are addressing them directly. Our review has been a significant driver of action as we assess both our existing retail pharmacy business and our collection of strategic assets. I will unpack the series of conclusions we have reached in greater detail after Manmohan, and I review the quarterly results. For the third quarter, we delivered adjusted earnings per share of $0.63, reflecting significant challenges in the US retail pharmacy business stemming from a worse-than-expected consumer environment and challenging pharmacy industry trends, partially offset by strength in US healthcare and international. In light of these factors, we are reducing our full year outlook, which Manmohan will take you through in more detail. In US retail pharmacy, we witnessed continued pressure on the US consumer. Our customers have become increasingly selective and price-sensitive in their purchases. In response, we invested in targeted promotion and price decisions which have driven traffic and will generate improved customer loyalty, but they weigh on near-term profitability as we refine our approach. We remain relentlessly focused on enhancing the front of store and creating the right omnichannel experience for our customers while driving in-store efficiencies. We also continue to face an incrementally challenging pharmacy industry. Recent trends such as branded mix impacts and increased regulatory and reimbursement pressures, including fluctuations in NADAC pricing, have negatively impacted pricing dynamics. Additionally, the script market is growing but continues to trail below pre-pandemic growth levels. These headwinds have affected our performance and are materially weighing on our ability to serve patients profitably. We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require, we approach the market differently. For example, we are in active discussions with our PBM and payer partners to align incentives and ensure we are paid fairly. We are also working with our suppliers and partnering directly with pharma companies to build out specialty pharmacy, clinical trials, and other services, which Walgreens is uniquely positioned to facilitate, given our physical footprint and the trust we've already established with patients. In US healthcare, we had another quarter of positive adjusted EBITDA and year-on-year growth driven by continued growth and disciplined cost management at VillageMD along with strength at Shields. Following last quarter's actions to rightsize VillageMD's footprint, the business is now on a clearer path to profitability as it continues to add lives and optimize its cost structure. In international, the business continues to perform strongly and in line with expectations. Boots UK delivered meaningful retail comp growth and achieved another sequential quarter of market share gains from strength in both physical and digital channels. We continued to execute with discipline across the organization to drive further cost out and prioritize free cash flow. We remain on track to deliver $1 billion in cost savings this year. As we look ahead to the remainder of the year, we are operating under the following assumptions. We expect the operating environment to remain challenging. We do not expect an improvement in the US retail environment. And finally, we expect script volume growth to remain muted and anticipate continued pressures on pharmacy margins. In light of these factors, we are reducing our outlook. We now expect to deliver adjusted earnings per share of $2.80 to $2.95 for the fiscal year 2024. While we acknowledge that this range is wider than normal, we believe it is prudent, given fluctuations in recent pharmacy industry trends. Consistent with our historic approach, we will provide our outlook for fiscal 2025 on our fiscal year-end call in October, but we expect the current trends I've outlined to persist into next year. Before going into details of our strategic review, I'll now turn it over to Manmohan to review our financial results.

Manmohan Mahajan

Thank you, Tim, and good morning, everyone. Third quarter sales grew 2.5% on a constant currency basis. US retail pharmacy increased 2.3%. International was up 1.6%, and US healthcare delivered sales growth of 7.6%. As Tim mentioned, overall results were below our expectations. Adjusted EPS of $0.63 decreased 37% year-over-year on a constant currency basis. This was driven by a $0.24 impact from lower sale-leaseback gains, a challenging US retail environment and recent pharmacy trends. Our US healthcare and international segments continued to perform in line with our expectations. And we continue to deliver on our goals related to cost and CapEx reduction and working capital initiatives. As a reminder, last year's GAAP results included after-tax impairment charges of $323 million related to pharmacy license and tangible assets in Boots UK. Let's move on to the year-to-date highlights. Sales increased 5.6% on a constant currency basis. Adjusted EPS declined 25% on a constant currency basis due to the softer US retail pharmacy performance and significantly lower sale-leaseback gains. This was partly offset by cost-saving initiatives, improved profitability in US healthcare and a lower adjusted effective tax rate. GAAP net loss was $5.6 billion compared to a loss of $2.9 billion in the first nine months of fiscal '23. The first nine months of fiscal '24 included certain non-cash impairment charges related to VillageMD goodwill as detailed last quarter. The prior year period included a $5.5 billion after-tax charge for opioid-related claims and lawsuits, partly offset by a $1.5 billion after-tax gain on the sale of Cencora and Option Care Health shares. Now let me cover US retail pharmacy segment. Comparable sales grew 3.5% year-on-year driven by brand inflation and pharmacy and prescription volume, partly offset by a decline in retail sales. AOI decreased 48% versus the prior year quarter. Approximately 70% of this decline relates to lower sale-leaseback gains lapping reduced incentive accruals in the prior year and lower Cencora equity income. Challenging retail and pharmacy industry trends also negatively impacted AOI in the current period. Sale-leaseback gains, net of incremental rent expense, resulted in a $277 million headwind to AOI in the quarter. As discussed, three months ago, we do not anticipate any material benefits from sale-leaseback gains going forward. Headwinds in the retail and pharmacy businesses were partly offset by cost savings initiatives. Let me now turn to US pharmacy. Pharmacy comp sales increased 5.7% driven by brand inflation and volume growth. Comp scripts, excluding immunization, grew 1.7% in the quarter. We are tracking in line with the overall prescription market year to date. However, overall prescription market growth remains below expectations primarily due to Medicaid redeterminations. Pharmacy adjusted gross margin declined versus the prior year quarter driven by brand mix impacts, reimbursement pressure reflecting last year's negotiations, lower COVID testing demand, and incremental pressure from certain generic launches with procurement dynamics similar to brands. Recent fluctuations in NADAC drove an incremental $20 million of the partial quarter impact. Turning next to our US retail business. Comparable retail sales declined 2.3% in the quarter. As Tim mentioned, the consumer backdrop remains a challenge. With this continued channel shift and a sustained pullback in discretionary spending, we have responded by lowering prices across health and wellness, personal care, and seasonal categories. Where we invested in price and promotions, we saw returns in sales and unit lift. At the same time, value-seeking behavior and new product launches year-to-date helped to drive our own brand penetration up 65 basis points in the quarter. While we're seeing early signs of customers responding to our actions, retail gross margin declined more than previously anticipated due to our price and promo investments this year lapping last year's margin recovery actions as well as higher levels of shrink. This was partly offset by positive impact on gross margin from our category performance improvement initiatives, which are tracking in line with our expectations as we deepen relationship with select suppliers. Turning next to international segment. And as always, I will talk in constant currency numbers. Total sales grew 1.6% with Boots UK increasing 1.6% and Germany wholesale up 4.9%. Segment adjusted gross profit increased 2% with growth across all businesses. Adjusted operating income was down 17% due to lapping real estate gains in the prior year period. Let's now cover Boots UK in detail. Boots UK continues to perform well. Comp pharmacy sales were up 5.8%. Comp retail sales increased 6% with all categories showing growth. Across formats, destination health and beauty, flagship and travel locations performed particularly well. Boots.com sales increased 13.8% year-on-year and represented nearly 16% of our UK retail sales. Turning next to US healthcare. The US healthcare segment delivered its second consecutive quarter of positive adjusted EBITDA. Third quarter sales of $2.1 billion increased 8% compared to prior year quarter. VillageMD sales, up $1.6 billion grew 7% year on year. The increase was driven by growth in full risk and fee-for-service lives, partly offset by the impact of clinic closures. Shields sales were up 24% driven by growth within existing partnerships. Adjusted EBITDA was $23 million, an improvement of $136 million compared to last year driven by rightsizing costs, improved productivity at VillageMD, and continued robust growth at Shields. Turning next to cash flow. Operating cash flow in the first nine months of fiscal '24 was negatively impacted by $785 million in payments related to legal matters, $386 million in entity premium, contributions related to Boots pension plan, and underlying seasonality. Capital expenditures declined by $497 million versus the first nine months of fiscal '23. As a result, free cash flow was down by approximately $1.1 billion versus the prior year. We continue on pace to achieve a year-over-year reduction of $600 million in capital expenditures and $500 million in working capital initiatives in fiscal '24. I will now turn to guidance. We are lowering our fiscal '24 adjusted EPS guidance to $2.80 to $2.95. The updated range versus our expectations three months ago incorporates two key items. First, the US consumer environment has not improved and is driving higher promotional activity, negatively impacting retail margin. We continue to expect fiscal '24 retail comp sales to be down approximately 3%. Second is the continuation of worse-than-expected pharmacy margin headwinds. Pharmacy margins in the second half include impact from certain generic launches with procurement dynamics similar to brands, fluctuations in NADAC, inflation and mix within branded drugs, and lower overall market growth. We are maintaining full year expectations for US healthcare segment adjusted EBITDA to be breakeven at the midpoint of the guidance range. We continue to expect our adjusted effective tax rate to be under 5%. Our revised full year guidance range implies fourth quarter adjusted EPS of approximately $0.39 at the midpoint. While we're not providing fiscal '25 guidance today, let me offer key considerations to bridge from fourth quarter to next year. Seasonality impacts all of our businesses, and the fourth quarter is typically the lowest quarter of the year. Additionally, we expect profitability growth in US healthcare and international segments. However, as Tim mentioned, there are other factors discussed on today's call that we assume will impact fiscal '25. Our decision to wind down the sale-leaseback program, sell Cencora shares, and a more normalized adjusted effective tax rate are expected to have an approximately $0.75 impact in fiscal '25. In retail, despite easing comparisons, we do not anticipate significant improvement in the US consumer spending backdrop. We are especially seeing signs of strength on the lower-income consumer driven by accumulated inflation and depleted savings. While we're adopting our model, these changes will take time. We expect to see some pharmacy headwinds continue in fiscal '25. However, we are focused on stabilizing pharmacy margins as we continue to have active discussions with our PBM, payer, and supplier partners. We have more hard work ahead of us, and we are focused on building a solid foundation for the future, driving the stabilization of our business and returning to longer-term enterprise growth. With that, let me pass it back to Tim.

Thanks, Manmohan. Let me now turn to our strategic review. Since launching our strategic and operational review at the beginning of the calendar year, we have been clear-eyed on what we're trying to achieve, and everything has been on the table. We have a deep understanding of the opportunities and complexities, and we have come to a number of important conclusions. Some will take more time to execute as we maximize optionality, but all of them are aligned around three principles to drive long-term shareholder value. First, to simplify and focus our business. Second, to use our core foundation, our relationship with our customers, to grow and expand in capital-efficient ways into adjacent areas. And third, to continue to identify opportunities to deliver profitable growth, generate meaningful cash flow, and strengthen our strategically relevant businesses today and long term. Before unpacking the details, I want to reinforce the most important conclusion from our review. The retail pharmacy experience will be more important to the healthcare industry in the years ahead, but it will evolve. With widespread demand for convenient healthcare solutions, including chronic diseases, and nationwide labor shortages, the pharmacy and pharmacists have never been more important. Our retail pharmacy business is uniquely positioned to expand the role we play in the lives of our patients who have come to expect and need retail pharmacy at the center of their care. So let me begin this discussion around our strategic decisions with our core business, US retail pharmacy. The success of the business hinges on an efficient, highly relevant customer experience, and we've launched a multifaceted action plan for improvement. As the convenient destination for millions of customers and driving $27 billion of retail sales, the store and its digital channels are central to our strategy and consumer experience. But the customer has evolved. Demographics and preferences have shifted, and we need to reposition and operate our stores accordingly. Currently, 75% of our US stores contribute roughly 100% of segment AOI. For the remaining 25% of the stores in our network which are not currently contributing to our long-term strategy, changes are imminent. To start, we are finalizing a multifactor store footprint optimization program, which we expect will include the closure of a significant portion of these underperforming stores over the next three years. Plans to finalize these number are in motion, and we will update you in due course. For the remaining portion of this cohort, we are taking action to return them to profitability and deliver an improved customer experience. We will contemplate additional closures if performance does not improve, which includes external factors such as reimbursement rates. While it is not an easy decision to close a store, we will work to minimize customer disruptions. And importantly, as we have done in the past, we intend to redeploy the vast majority of the workforce in those stores that we close. In addition to these closures, we are taking a series of actions and making investments to enhance the customer and patient experience across several key areas. First, we are reevaluating our assortment to ensure its relevancy, leveraging select partners and our own brands. This means we will work with fewer partners who are helping us win. For example, in the last quarter alone, we've removed eight national brands and redeployed those SKUs towards own brands and preferred partners within health and wellness categories. We are sharpening our focus as a definition for areas we are uniquely positioned to lead such as health and beauty and women's health. We are accelerating our digital and omnichannel offerings to meet our customers when, where, and how they want to engage. We continue to deliver approximately 80% of same-day delivery orders within one hour, and we see upside for improvement. As the ultra-convenient option for our over 120 million myWalgreens loyalty members, we have plans to meaningfully build our loyalty program. We are doubling down on our efforts to define the future of pharmacy in this country. As I mentioned earlier, this starts with changing the dialogue with payers and PBMs to ensure we are paid fairly for the value we provide. We're also investing in the industry's best talent. For example, as we focus on leading in the development and elevation of the pharmacy industry profession, we're partnering with critical stakeholders such as our Deans Advisory Council to help advance our work environment and make WBA the practice setting destination of choice for pharmacy talent. Just two weeks ago, we spent two full days with 14 deans of pharmacy across our country engaging in productive discussions to reinvigorate the community pharmacy labor supply chain. And we're enhancing our pharmacy services like immunizations to attract more patients to an improved experience and enhanced digital solutions. We've significantly decreased the average wait time per customer in the highest volume stores. And this is a result of several initiatives underway to improve the patient experience and increase retention. Finally, with a mindset for driving continuous improvement throughout the organization, we are committed to operating with excellence and identifying further efficiencies in both our headquarters and our retail operations. We are restructuring our organization around these conclusions to streamline and ensure efficient development and deployment of services, to go to market as one Walgreens with more impact for our industry partners and to help close critical gaps in delivery of healthcare. In that regard, Mary Langowski, our President of US healthcare, will assume responsibility for operations of specialty pharmacy, pharma and manufacturer relations and contracting, supply chain, and all services development and deployment. With these operations now under one team, we will be better aligned to go where the market is moving, sharpen our contracting, operate more efficiently, and achieve better economic outcomes. And Rick Gates, our Chief Pharmacy Officer, will take on an even greater role in defining the future of pharmacy from a strategic, operational, and labor force perspective. Turning to our broader portfolio. We have evaluated every non-retail pharmacy asset prioritizing strategic fit, profit growth potential, and cash flow generation. With that in mind, we have already stopped or will stop initiatives that distract from our focus and will grow in areas that create longer-term shareholder value. Let me touch on several of our larger assets. Our review of Boots UK showed that we have attractive options to unlock value in this business. While we believe there is significant interest in Boots at the right time, its growth, strategic strength, and cash flow remain key contributors to the company. We are committed to continuing to invest in Boots UK and find innovative ways for this business to fulfill its potential. Moving next to VillageMD, which currently includes three distinct assets in VillageMD, Summit Health, and CityMD, we believe in the future of these businesses and intend to remain an investor and partner. But as part of our persistent focus on value creation for WBA, we are collaborating with leadership toward an endpoint to rapidly unlock liquidity, enhance optionality, and position them for additional growth. As it relates to Shields, its performance, growth, and leadership team remain best-in-class and serve as a complement to our core specialty business in the market. We are not taking action at this time. We are committed to executing on all of these decisions in a timely manner that maximizes shareholder value while creating optionality, and I look forward to providing more details as we progress. Before opening the call up for Q&A, let me leave you with four thoughts. First, our core retail pharmacy business is relevant but will be different. Second, we have the right team and the right strategy to enhance our focus, strengthen our own execution, and ultimately turn around the business performance. Third, there is a clear market need for our services, but our economics are not currently structured in a way that is sensible for our shareholders. We have a firm grasp of the issues and are working to address these challenges in our business model. Fourth, while it may take time, and there's a great deal of work underway, I am confident we are executing on the conclusions from our strategic review thoughtfully and urgently to deliver the Walgreens that our country needs. With that, let's begin Q&A. Operator?

Question and Answer Session

(Operator Instructions) Lisa Gill, JPMorgan.

Thanks very much. And Tim, thanks for all the comments and the color. I really just want to understand just a couple of things a little bit better. One, you started with your four thoughts and that the core will be different than what we can say. So one, what do you view is the future of pharmacy? And within that, can you talk about the conversations that you're having with payers and PBMs around what the new reimbursement model would look like? And then just my second question would be, just when we think about the financial side, you called out NADAC pricing on Medicaid. And I think Manmohan said that it was $20 million in this quarter. Is that a material number when we think about going forward? If you can put any numbers around that would be great. Thanks.

Thanks, Lisa. So big question, future pharmacy, I'll take quickly. And then I'll let Mary Langowski talk a little bit more detail about our payer conversations. Obviously, we won't get specific. But needless to say, they have, I think, changed both in tenor and content and are constructive. And then I'll let Manmohan talk about NADAC. As far as the future of pharmacy, retail pharmacy in particular, which we talk about the store as part of an overall experience, we are working to essentially meet the consumer where they are today and where they need us to be. And there are a number of elements to that, both in the back of the store and in the front of the store. And so -- and I don't want to take as much time to take you in detail through all of those pieces. But at the front of the store, you saw us talk about footprint which leaves us a more rational investment horizon in terms of them bringing up to the standard that our customers would expect the store experience as well as the assortment that we would have for them, reducing our -- using almost a PBM-like approach to formulary to how we work with national brands, being deeper with fewer in order to both drive better economics and better outcomes for them as well as I saw yesterday a really exciting presentation on where we're taking our loyalty program. And so again, how we engage with our most valuable consumers as well as everything from home delivery, omnichannel and freeing up our store managers to really have flexibility in their framework, changing their compensation program dramatically in order to incent outcomes in their individual stores and have them act as owners. That's the front of the store. The back of the store, we know, and Rick and the team have done a tremendous amount of work around automating the workload at the back of the store. As you know, we had paused our investment in backend automation, but we have pushed forward. We are continuing to drive and ultimately are highly committed to having that be a key part of how we both free up labor to do higher order things as well as be more efficient. Also at the back of the store, the Deans Council, we spent two detailed days working with the deans of 15 pharmacy schools as well as the trade association -- or association of deans rather, looking deeply at community pharmacy is a preference, what we can do to be a leader in that space, design of -- we're talking about design of curricula, so these pharmacists come out of the school excited. And importantly, starting even as far back as middle school, to animate and excite sort of potential future pharmacists to the idea of community pharmacy where unlike hospital pharmacy, you have the opportunity to build long-term relationships with your patients. So the supply chain of labor, we're taking super seriously, both in terms of the effectiveness of it but also the size and the sort of skill set. Our contracting strategy is a key part of what we do in the back of the store, expansion of pharma services. I got an e-mail yesterday from the CEO of a major vaccine manufacturer, who again, wanted to make sure that we were on the edge of our seat getting excited about what their innovation was going to bring and how we were going to play a role in that. So a lot there between the front and the back, but you don't need the number of stores we have today. We have a very clear picture of what we need to do there. We will have more details to follow. With that, I'll turn it over briefly to Mary to just go a little bit more color for you with the payer conversations that we've had, which I believe are highly constructive and then Manmohan.

Mary Langowski

Yeah. Thank you, Tim, and thank you, Lisa. Quite frankly, we are laser-focused on being paid fairly for the value we provide. And put simply, the playbook is a bit dated and does not account for nor does it adequately or fairly pay for the role and value that we think the pharmacist is bringing and delivering services. We also don't think it accounts adequately for the complexity that we now face in the system. And it certainly doesn't facilitate putting pharmacotherapy and behavioral interventions at the center of chronic disease management in this country. We think that has to change. And so we're collaborating with our PBM partners across the industry to make those changes.

And Manmohan?

Yeah. Hi, Lisa. This -- so on NADAC, maybe a couple of thoughts. First, we've seen significant fluctuations in the last several months on the index itself. We had $20 million of impact in the quarter, but you got to think about that was a partial quarter impact. We have seen some improvement as the index, again, was updated in June. However, we are taking a very prudent approach as it relates to Q4 and the guidance for the year. And I'd say this is one of the reasons the fluctuations we've seen on NADAC is one of the reasons why we have the broader range as we put out the fiscal year guidance at this point.

Okay. Thank you.

Charles Rhyee, TD Cowen.

Charles Rhyee

Yeah, thanks for taking the questions. Tim, I wanted to touch a little bit more on the strategy to looking at this 25% of stores that are underperforming. And a lot of these are under probably long-term leases. And I'm just wondering sort of what your cash flow position is to be able to affect getting out of these leases perhaps earlier than intended. And maybe also when you look at these stores, how much of the underperformance is just purely a broad retail issue, just a weak consumer versus maybe stores that are facing higher levels of shrink? And thus, when you close those stores, does that solve a lot more of your margin problem all at once?

Thanks, Charles. So I'll take the first part. As far as leases, one of the good news stories here is we actually opened stores over a long period of time that I think was widely acknowledged to be on the best corners in America. And so in many cases, as we close stores, we believe there is the opportunity to not simply carry the lease as a dark store over a period of time. And we are actually part of -- something I haven't talked about, but an underpinning of our strategic review is actually engaging in a different way as it relates to how we handle exits of stores and leases so that we actually have a much less probabilistic overhang as we look at those things. So we think actually -- you certainly do have some carry on the balance sheet for those leases over time. We think they can be minimized. We're actually going back and looking at leases that we had already sort of just taken as dark because we think there's gold in them. They're hills, as they say. So from that standpoint, we're going to be highly disciplined on the leases, and that's part of our underlying economic analysis of what stores to close as well. So it needs to be clear that, that is a multifactor analysis, super detailed and that is one of the elements of it. As far as what sort of the profitability impact is and the underlying dynamics that might cause a store to -- or the underlying benefit of closing a store, I'll let Tracey Brown, who obviously is president of our stores, talk a bit more about that because it is -- that's also not as simple as just high shrink stores, for example. Tracey?

Tracey Brown

Yeah. Thank you, Tim, and thank you, Charles. So as Tim has mentioned, this is a multi-factored disciplined way of looking at where to close. Yes, shrink is an issue in some stores, but we have our eyes on our high shrink stores all the time. The second thing is consumer behavior, consumer trends and where you look at the markets and where our stores are located in terms of the markets that are growing versus the markets that are declining. Third, you actually have to look at like the competitive landscape in each of these markets. And then the fourth thing that I would say is we are actually looking at how we are actually leveraging our assortment in these markets. So there are multiple levers that we look at that go into the model that drive underperformance. The other thing that I will say is there are stores that would be on this bubble. We're also taking a focused approach on those stores to get them in the right context. And I guess the last thing that I would say, Charles, this is a multi-level set of factors that come into play between ourselves, between local state officials, between law enforcement. There are a lot of players in these markets that need to partner with us in order to make sure that we are growing those that need to grow. And those that are not, we're taking the appropriate action.

Yeah. Let me just add to that, because that is such an important point from a policy in our country standpoint. The fact of the matter is, we know that we are the last company standing in a lot of places. We are the only thing standing between those places and being pharmacy deserts. And our goal is not simply to be the last one to leave. Our goal is to actually find new ways to work together, whether it's with state Medicaid programs, whether it's a local law enforcement, and so forth for them to do their jobs so that we can do our jobs and continue to provide care in those communities.

Okay, thank you.

Eric Percher, Nephron Research.

Eric Percher

Thank you. Two related questions relative to the gross margin in the pharmacy. And I think, first, if we look at the retail gross margin, it appears to be at a low point relative to the last 10 years. Can you give us a bit more on the discounting that you engaged in and your expectation for that through the fourth quarter and how you expect it to taper? And then the second part is looking at NADAC, if it was $20 million over a month and change and you're saying conservative over the second or this full quarter, are you assuming that there's still more expansion as it flows from Medicaid to commercial? Or do you think we can -- we've kind of seen the peak in this one or month and change?

Sure. I'm going to pass it to Manmohan in just a second. What I'd say is, first of all, as it relates to commercial and NADAC, I believe what Rick would say if I passed it over to him, would be that while we do have some commercial contracts that use NADAC, those conversations we're having around sort of neutrality in terms of outcomes, that's actually the easier part of NADAC, quite frankly. As it relates to the gross margin in pharmacy, I will pass it to Manmohan. And as I quickly would point out, gross margin is not only discounting. It is also mix and so forth. And so Manmohan, if you want to talk more about that?

Yeah, sure. So as you think about the gross margin on the retail pharmacy side, maybe a couple of things there. Let me start on the retail side. And what we've experienced in the third quarter, and we think the trend is going to continue in Q4 is the environment didn't improve as we anticipated. And as a result, we focused on investing in price and promotion. Now we've seen the unit and sales uplift as a result thereof, but at the same time, there was impact on gross margin in the short term. And so that is coming through, and we expect that's going to continue along the same lines in Q4. The second piece that does impact our gross margin year-over-year is the level of shrink. And I think we talked about shrink in last couple of calls as well. We have seen it on an increasing trends, and there are a number of actions that Tracey and the team are taking to bring it back to historical normals. On the pharmacy side then on the margin, a couple of themes playing out. NADAC is one of them, significant fluctuation as I said earlier in the call. We have seen some level of improvement as the index itself changed in June. But as I said, we're -- at this point, the level of fluctuations we have seen month-over-month, we're just being prudent in terms of what can play out here in Q4. Outside of that, there last to -- last point I'd say there are some market dynamics that we experienced in Q3 as well and some will play in Q4. And maybe a couple of those to point out is there are certain generic launches where the procurement dynamics continues to be just like branded. And so that is impacting our gross margin on the pharmacy side. And then lastly, I'd say the mix that's coming in on the branded side is also having a negative impact on the margin. So that's maybe overall profile of what's driving our margin in the quarter.

Ann Hynes, Mizuho Securities.

Hi, good morning. Thank you. I have two questions. One is just about your commentary around prescriptions and not back to pre-pandemic level. I guess I find that a little surprising just because overall healthcare utilization is so strong. So do you think it's a market share issue? Is it a pharmacist issue? I know you lost some pharmacies during the pandemic. Maybe if you can provide some updates on that. I know you mentioned Medicaid, but it was my understanding Medicaid's pretty small as a percentage of total revenue. So any other detail would be great. And then my second question is just, I guess, bigger picture. I know you're not giving all the details on the strategic review, but your stocks down a lot premarket. Like do you have a sense for maybe some of your longer-term investors when you think you could stabilize operating profit in the retail segment and free cash flow, is it like a 2026 timeframe? Like any update on the timeframe when you think you can recover this business would be great. Thanks.

Sure. And by the way, we share the same goal that your second question implicitly implies, which is to be very clear, as you've heard us say or let me make sure you hear us say, we actually have a really strong level of conviction around the core business that we are remodeling here. It will be very different Walgreens in a lot of ways, different experience. But by the same token, we see a clear stabilization and actual growth path for that business. It is going to take time. We're not going to give you a guidance but it's quarters, not months. It's not necessarily multiple years, but it is probably a period of time that we will have to demonstrate to you and frankly, to our consumer that we are going to deserve their preference. As it relates to the share dynamics and sort of why share is growing more slowly. And you're right, it's not just Medicaid, although that does impact things, the Medicaid re-enrollment challenges. By the way, which many of our urban stores could have played a role in if we were to have a closer relationship with Medicaid, and we are having some of those discussions do -- is one factor. But Rick, do you want to talk more broadly?

Yeah, Ann. And I think as you look at volume, I think we stated that we are growing with market right now. So it's not just a Walgreens thing. It is a market dynamic. And so when you look at Medicaid redetermination as an example, Medicaid enrollment really ballooned during the pandemic as obviously they were not moving people outside of the Medicaid coverage. And so what we've seen is that states has continued to move patients out. We're seeing upwards of closer to 18 million to 20 million individuals who have moved out of Medicaid coverage and either have to go out and find coverage like either discount cards, individual plans, or get into commercial plans. And so we've seen a dynamic where they actually have not picked up coverage as quickly, and utilization has dropped. And so what I think we're seeing is that pandemic, we were running closer to 4%, 4.5% towards the end of it from a market growth perspective. Pre-pandemic, it was closer to 2.5%. And I think what we're seeing right now is we're actually running below the 2.5% from a market perspective. And obviously, we're trying to track with that.

Kevin Caliendo, UBS.

Kevin Caliendo

Thanks for taking my question. I guess I wanted to expand on Charles' question a little bit. If we were to just do simple math of the stores that you've identified, the 25% stores, and let's just say those stores were gone as of today, what would be the financial impact on the company right now? Like what would be the change in terms of your gross profit or your EBIT, however, you want to define it? And then the follow-up to that is, of those 25% stores, I appreciate you calling out that you expect to retain most of the workforce, what is the expectation on the retention of Rx, of the scripts in those stores, meaning usually when you close a store or relocate a store, you oftentimes are able to keep a vast majority of those scripts. Has there been an analysis of that done yet? Thank you.

Thanks for the question. I'll take the second half, which is absolutely, that's a key part of the analysis and underlying assumptions that we have experience with. Obviously, as you may know, we've been closing multiple hundreds of stores over the last several years. And we've gotten very good at being able to not only move those scripts and those patients more importantly, but also to predict sort of what the drop-off would be based on certain circumstances. So it is a key part of the analysis. The short answer is we retain nearly all of them, not all of them necessarily, but nearly all of them and certainly in a way that makes the underlying overall economics of closing the store makes sense. As it relates to essentially a pro forma of what the business looks like with all of that gone, which would be fairly complex because of a number of factors that you have to assume and that we have assumed but we wouldn't want to necessarily put out there as guidance right now, I'll let Manmohan talk a bit more though about those dynamics.

Yeah, sure. So look, I think from an analytics perspective, as we think through the closure, maybe two points there. 25% is the overall footprint that we're evaluating. And as Tim mentioned, it's not that all of them are for closure. So we're going through the detailed analysis store by store, where we can improve the performance and bring them back into the portfolio and what's the remaining part where we need to take the action. Now Tracey mentioned a number of -- several factors that go into our determination of where we need to take the action. I'd say maybe I focus on the financial side. It's really driven -- it comes down to the cash flow analysis, it's cash flow positive to keep it open or cash flow positive to close. And the decision to close typically would result in accretion, both on the cash as well as on the adjusted EPS side. And then so far as retention is concerned, yeah, I think Tim covered that as well. We've closed 2,000 locations over the last 10 years. So at this point, I think we have a pretty good view of -- depending upon the location of the stores, what would be the retention on the script side.

Yeah. And let me be clear about one additional thing. We are extremely focused on the fact that closing those stores means we have to reduce our fixed costs that support those stores as well. So if you're trying to model it, what you would need to do is assume some percentage of stores and then back out the fixed cost because we will be highly disciplined at ensuring that any fixed costs that are being carried by those stores are also removed, which is what makes closing the stores in part very attractive.

Michael Cherny, Leerink Partners.

Michael Cherny

Good morning and thanks for taking the question. So I don't want to get too far ahead of this reboot plan, but Tim, you talked about 25% of the stores in the strategic review that you've outlined. How do you feel comfortable that, that's the right number of stores to be evaluated? And in the event that we play this forward in -- let's say, you close 25% of the stores, how will you be judging about whether or not that's the appropriate footprints to give the right coverage for payers, to give the right localized coverage to your point to retain the scripts that you like? I'm just trying to get a sense of a little more detail on how you landed most of that number and why we should sit here today thinking that is the right number.

Sure. I would tell you that we have not only ourselves using our models, but used a very aggressive outside firm that brings incredibly thoughtful models to the table and have done this in other scenarios to challenge our thinking. And so listen, there's no one exact right number. Let's be clear. There are group of stores that are clear. There are a group of stores that we will be working to see whether or not they make sense. And one of the factors that we actually factor in is our payer mix. But I also want to be clear, this industry has been reducing its capacity over the last several years, and that is not a bad thing. I think most of us knew when I was in the PBM business, I knew that retail pharmacy was largely overbuilt for where the future was going to be, particularly given the possibility of technology, home delivery and so forth. And so for us, that's another factor as well as the number of stores we may need to serve a particular payer today may be very different than what it would have been 10 years ago. I mean, if you look at the Department of Defense as a contracting entity, they have minimum standards. And they're very tough, and they don't require 70,000 pharmacies, let's be clear, in their network. So we think that reducing capacity in the industry is not a bad thing. We think it's good for the labor so that we're not actually overusing pharmacists in stores that we don't need. But we also think that from a payer standpoint, we are going to be positioned to serve payers very effectively with the footprint that remains.

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson

Hi, guys. Thanks so much for the question. I have maybe a short-term one and then maybe sort of a longer-term one. On this year, obviously, you had a nice quarter-over-quarter improvement in free cash flow. Can you help us think about sort of the free cash flow expectations for the fourth quarter? And then sort of maybe anything you can say directionally on 2025? And then as we think about some of these payer conversations that you've been having, I mean, have any of the payers sort of agreed to terms that kind of help stabilize things for, I don't know, starting 1/1/'25? Is this like more of a longer-term kind of conversation? Any other color you could provide on that side would be very helpful. Thank you.

Sure. So I'll turn it over to Manmohan for the free cash flow conversation, and then Mary to give you any color on payer conversations. What I would remind you of is that we're fairly -- we're right in the middle of those conversations now. It wouldn't be appropriate to necessarily characterize any one of them, but they're super encouraging. And I think Mary can talk a little bit more about that at this juncture. But Manmohan, do you want to talk about the cash flow?

Sure. So from a third quarter perspective, we did have positive free cash flows in the quarter, and that was aided in part by the working capital improvements in the quarter as well as decreased capital expenditures. As you think about the first nine months of the year, though, the cash flows are impacted by lower earnings and then $785 million of payments related to legal matters as well as the phasing on the working capital. As we think through Q4, we expect Q4 free cash flows to be positive, similar to third quarter. And that is including a roughly around $150 million payment related to opioid in the quarter. And then maybe finally, I'd say, look, this is a top priority for us in the company. And all the actions we've outlined and -- we'll continue to boost the cash flow position here.

And then Mary? Sorry, I'll let Mary take the piece around (multiple speakers) characterizing our conversations.

Right, I won't speak to specific payer conversations. But I will say that there is an understanding and a collaboration going on that some of these models need to change, and we're reshaping our current negotiations on brand versus generic reimbursement and obviously, in discussions on some of these new models, new payment models that are out there. We, I think, are seeing an understanding that we need to align incentives better. And just as I said before that the old playbook is old, and it's not currently serving the system.

George Hill, Deutsche Bank.

George Hill

Good morning, guys, and thanks for taking the questions. I just kind of have a quick one for Manmohan. You talked about the $0.75 of earnings contribution in fiscal '24 that wasn't expected to continue. And you guys have talked about the challenges in fiscal '24 in retail pharmacy kind of expected to persist in fiscal '25. I know you guys aren't ready to give full year 2025 guidance yet, but I just want to make sure, are we kind of talking about an earnings number in the low $2 range, given where the current fiscal '24 guidance is? And I guess, I mean how would be, is there -- are there any other like moving pieces as it relates to cash flow for fiscal '25 that you guys would call out now? Thank you.

Yeah, sure, George. So on the earnings for fiscal '25, you're right, we're not providing guidance. But we will come back and provide detailed information and guidance in October. But what we offered in the prepared remarks is a couple of things to consider as you bridge to '25. First is Q4 seasonality impacts all of our businesses, and you think about vaccinations, you think about cough-cold season, you think about the season -- the holiday season impacting the retail sales. So seasonality drives Q4 to be our -- typically our lowest quarter, and so you got to consider that. And second is, we do expect profitability growth, both in our US healthcare segment as well as in our international segment as we move into fiscal '25. However, said that, there are a few headwinds. And the biggest one here is as we think about our decision to wind down the sale-leaseback program, sale of Cencora shares, and then you consider a more normalized tax rate into fiscal '25 that we believe will result in approximately $0.75 headwind. And then on the retail side, you have to consider -- we do believe the environment will continue to be challenging here in '25 from a consumer perspective, but there is a little bit of easing comparisons as you think about '24 versus '25. And on the pharmacy side, some of these headwinds will continue as you think through this. So this is -- these are all kind of the building blocks as you work through modeling '25.

Stephanie Davis, Barclays.

Stephanie Davis

Hey, guys, thanks for taking my question. I have a question, this might be best for Mary, but maybe, Tim, I'd love for you to weigh in on the future of the US healthcare strategy. Just given the plan to exit VillageMD and the idea that value-based strategies often take a few years in order to get profitable versus some of your near-term profitability goals, what's the forward take on the need to be in the value-based strategy for the best of US healthcare? And could we see this become more of a fee-for-service asset going forward?

Yeah. I will let Mary -- I would remind all the listeners, Mary joined about three months ago and brings tremendous experience and relationships in this space, understands it well. And I want to be clear, we are big believers in value-based healthcare. Actually, pharmacy is the value-based healthcare provider in the ecosystem, quite frankly, if you really look at cost for outcomes and the work that we can do to impact those outcomes. So we love the fact that we actually own what will be seen over the next 20 years and needed as the most valuable part of the healthcare ecosystem and frankly, the most accessible. That's number one. Number two, as it relates to VillageMD in that model, we like that model. That's why we've said we would continue to have some investment and that's participate in their growth. It will take time. And as I said, we are looking for a different horizon for what we're going to be investing in strategically under our own leadership. But Mary, do you want to talk more generally about sort of that question as it relates to US healthcare strategy and Village -- fee-for-service versus value?

Yeah, absolutely. Thanks, Stephanie. In the US healthcare business, we are laser-focused on being extremely disciplined around where we will focus, what we will do, and importantly, what we'll stop doing. So there are areas where we'll grow and double down. And those areas fit the lens Tim articulated earlier. Those things have high-growth potential. They build on our core business. We're streamlining how we operate as we discussed around going to market with higher impact, how we develop services, and how we partner across the industry with payers, health systems, at-risk providers as well as pharma manufacturers. And then third, we'll stop things. And frankly, we already have stopped certain things that don't fit this lens or create near-term value. In some cases, we'll exit or restructure those things. So it's important that we stay really laser-focused on that. With respect to value-based care, we have already articulated that we don't have plans to continue to invest in brick-and-mortar owned primary care practices. Now having said that, we believe strongly, as Tim said, in value-based care as well as in VillageMD. And we believe in these businesses and payers believe in these businesses, and consumers, frankly, love getting their care in these types of businesses. But what we've stated, and I'll state again is we'll be a partner of VillageMD in an ongoing way. We'll continue to be an investor. But what we're really looking to do is invest in capital-light services to be a broader partner across the industry with a range of providers and with a range of payers as well as a range of pharmaceutical manufacturers. And we think we're really well positioned to do that, particularly based on the conversations we've already been having over the last three months. We are very complementary to a lot of players in the system. And they, frankly, want what we have that they don't have, which is reach -- our ability to reach people, our ability to engage them, and our ability to create interventions in really critical moments. So that's what we're planning to do.

Thank you. I would now like to turn the call back over to Tim Wentworth for closing remarks.

Great. Thanks, everyone, for the questions and for dialing in. Just to leave you with a couple of thoughts. First of all, our team is very clear that we are in a turnaround. We have a clear-eyed view of the things we need to do. We have gone very deep in understanding every part of this business and being realistic about the baseline we're resetting for growth. Second, we have a team that is literally, I believe, one of the best teams any company could ever have. I am extremely blessed to work with a group of folks who not only work effectively together but are relentlessly focused on the challenge and most importantly, highly committed and believe in the future of our business, the retail pharmacy experience that patients and payers and pharma companies need us to be. Retail pharmacy is central to the future of the experience that we're going to create and the growth that we will have. It is necessary, but it will be different. And over the coming quarters, we look forward to showing you as well as telling you how it will be different and the kind of results that it will achieve in a more capital-friendly way. And finally, we are very clear about our role as stewards of capital and making investments that make sense. We have some great assets that are part of our company today. We're going to be thoughtful about how we continue to improve the value of those assets or do other things that make sense based on our longer-term strategy. So thanks again. We look forward to sharing more in the coming quarters.

This concludes today's conference call. Thank you for your participation. You may now disconnect.