CEO Tim Wentworth told analysts Thursday morning that “changes are imminent” for about 25% of the company's stores, which he said were underperforming. The drugstore chain currently runs more than 8,600 in the United States.Wentworth said the company's plan could include the closing of a “significant portion” of those roughly 2,100 underperforming stores if they don't improve.
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, and drugstores generally have higher prices than those discounters.“Our customers have become increasingly selective and price sensitive in their purchases,” said Wentworth, who joined the company last fall and has been conducting a review of its business.
Walgreens Boots Alliance Inc. also reported that it missed earnings expectations and cut its annual forecast.
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