Adjusted gross profit
was $291.4 million, or 44% of adjusted net sales, compared with $326.2 million, or 48% of adjusted net sales, for the prior year.
This document includes certain non-GAAP financial measures, including adjusted EPS, organic net sales, adjusted gross profit
, adjusted operating profit, adjusted SG&A, adjusted corporate expenses, adjusted gross margin, adjusted operating margin, adjusted effective tax rate, adjusted net income, adjusted net interest expense, free cash flow, net debt, adjusted equity method investment earnings, and adjusted EBITDA.
Securities and Exchange Commission, the Company has provided reconciliations for net sales on a constant currency basis, net sales excluding sales attributable to held-for-sale businesses, the animal health reporting unit the European distribution and Russian businesses, as well as adjusted gross profit
, adjusted operating income, adjusted net income, adjusted diluted earnings per share, adjusted gross margin, and adjusted operating margin, within this press release to the most directly comparable U.S.
Gross profit decreased 8.5% and, on a constant currency basis, adjusted gross profit
decreased 1.6%, due to lower pharmacy margin and retail sales at Boots UK.
Sandbrook, chairman and chief executive officer, stated, "While faced with negative weather patterns, which seemingly have become routine, we are pleased to report multiple financial accomplishments, including our 33rd consecutive quarter of year-over-year revenue growth and an improved adjusted gross profit
. We continue to believe these trends, including the solid runway of demand in all of our regions, reflect the strong fundamentals in the markets we serve."
First quarter fiscal 2016 non-GAAP adjusted gross profit
and non-GAAP adjusted gross margin increased 45 percent and approximately 500 basis points, respectively, from USD3.1 million and approximately 19 percent, respectively, on a pro forma basis for the fourth quarter fiscal 2015.
While many categories that score well in sales performance drop off when regarding the adjusted gross profit
ranking, total confections, including gum, scores third in sales performance out of 68 edible center store categories.
The analyses included calculating an adjusted gross profit
(contribution) number for each SKU (and supplier), and assigning all promotional allowances and forward buying monies back to specific SKUs.
For the second quarter of 2019, Completion Solutions reported adjusted gross profitE of $49.8 million compared to first quarter 2019 adjusted gross profit
of $47.7 million.
* Adjusted Gross Profit
: Adjusted gross profit
in the fiscal 2019 first quarter was $1.2 billion, which was up 8.1 percent when compared to the same period in the previous year, primarily due to the increase in adjusted gross profit
in Pharmaceutical Distribution Services, which benefited from an increase in revenue, the January 2018 acquisition of H.
Adjusted gross profit
margin was up by 70 bps to 27.9% in FY2019.
Retail sales increased 1.3% in the second quarter, but gross profit decreased 3.2% and adjusted gross profit
decreased 3.5%, primarily due to reimbursement impacts in pharmacy.