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.
Walgreens has been closing the VillageMD primary care clinics it had been installing next to its stores in order to grow its presence as a health care provider. The company said it earned $344 million in its fiscal third quarter, with adjusted results totaling 63 cents per share. Revenue rose nearly 3% to $36.35 billion.
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Walgreens woes continue with earnings miss, guidance cut and plans to shutter more storesWalgreens 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.
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