Walgreens plans store closures as CEO says consumers 'stunned' by prices

Walgreens is planning potentially sweeping store closures as it faces what its CEO called a “challenging” environment for pharmacies and U.S. consumers. The pharmacy chain on Thursday morning announced quarterly earnings that fell short of Wall Street expectations. Walgreens' stock quickly fell about 15% in pre-market trading. In an interview with CNBC, CEO Tim Wentworth said the company now forecasts weaker consumer spending for the rest of the year. ″We assumed...

“What that means is the others we take a hard look at, we are going to finalize a number that we will close.” The chain has contended with difficulties for years. It already announced a plan to close 150 U.S. stores last summer. Walgreen’s share price has seen steady declines for about a decade, dropping from a peak of more than $95 a share in 2015 to less than $15 today.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inflation has been higher under Biden, but rising pay more than makes up for itRob Wile is a breaking business news reporter for NBC News Digital.
Source: NBCNewsHealth - 🏆 707. / 51 Read more »

Company that produces Hershey's, Jeni's, and Friendly's ice cream products issues recall over Listeria concernsRob Wile is a breaking business news reporter for NBC News Digital.
Source: NBCNewsHealth - 🏆 707. / 51 Read more »

Hooters to close 'underperforming' restaurants amid broader industry woesRob Wile is a breaking business news reporter for NBC News Digital.
Source: NBCNewsHealth - 🏆 707. / 51 Read more »

Paris seeing signs of 'healthy' travel demand ahead of Summer Olympics — but plenty of deals remainRob Wile is a breaking business news reporter for NBC News Digital.
Source: NBCNewsHealth - 🏆 707. / 51 Read more »

More than half a million portable device chargers sold at Costco recalled after two homes catch fireRob Wile is a breaking business news reporter for NBC News Digital.
Source: NBCNews - 🏆 10. / 86 Read more »

Pennsylvania Sen. Casey warns Amazon, Target and Walmart over 'greedflation' pricingRob Wile is a breaking business news reporter for NBC News Digital.
Source: NBCNewsHealth - 🏆 707. / 51 Read more »