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Walgreens woes continue with earnings miss, guidance cut and plans to shutter more stores

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Walgreens Boots Alliance News

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Walgreens shares tumbled early Thursday after the drugstore chain signaled that more store closings are on the way, missed earnings expectations for its third quarter and cut its annual forecast. The company said it was finishing a multiyear plan to shutter some underperforming U.S. stores, but it didn’t detail how many were targeted.

Walgreens shares tumbled early Thursday after the drugstore chain signaled that more store closings are on the way, missed earnings expectations for its third quarter and cut its annual forecast.

Plus, analysts say they’ve also been hit by growing competition from Walmart, Amazon and other discount retailers over sales of goods sold outside their store pharmacies. Consumers also tend to grow more price conscious when inflation rises. Walgreens Boots Alliance Inc. runs about 12,500 drugstores worldwide, including more than 8,600 locations in the United States.

 

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