Walgreens entity winds down, Costco's margin flex

Turnover was broadly flat year-on-year, but the notable movement occurred below the line. The listed Thai flag carrier moved from a deep net loss to a THB 22.5bn net profit, marking a significant shift in profitability. Cash on hand softened slightly to THB 78.5bn, closing out a period of notable financial realignment for the business.

The American aerospace and defence giant reported a near 10% increase in the top line, but the operating leverage remains the focal point. Operating profit rose 42% to $9.3bn, comfortably outpacing revenue growth. The standout figure is the average headcount, which expanded from 54,000 to 180,000, indicating a major consolidation or reporting boundary shift rather than organic hiring.

Statutory comparisons here are complicated, as the prior period is an unusual one-day stub against this year's 371-day run. Beneath the headline profit lines, exceptional items reduced the results by £128m. The parent of the retail group affirmed its going-concern status, though the underlying subsidiaries would provide a clearer view of the year's trading.

The supermarket arm saw the top line grow by nearly 7%, but margins contracted while operating profit fell 11% to £178m. Total staff costs rose almost 10% to £1.15bn even as the average headcount dropped, resulting in a noticeably higher cost per head. The notes clarify that Waitrose has no direct employees of its own, with these figures representing the cost of partners provided by the John Lewis parent.

A clear demonstration of operating leverage from the UK arm of the wholesale club. Turnover rose 5%, but operating profit comfortably outpaced it, increasing 17% to £206m. That level of cash generation preceded another £200m dividend back to the parent. Notably for a business of this scale, the accounts are filed entirely unaudited.