cut its profit forecast for fiscal 2024 on Thursday and said it would close more underperforming U.S. stores as weak consumer spending hurts its retail operations, dragging its shares down 15 per cent premarket.
Investors are banking on CEO Tim Wentworth, who came on board last October, to steer strategy and cost-saving efforts at Walgreens, as the drugstore operator struggles with declining demand at its retail operations and weak COVID product sales. “Many of these actions will take time, but I am confident that we have the right team and the right strategy to lead a business turnaround for the Walgreens that our customers and patients need.”
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