"Our customers have become increasingly selective and price-sensitive in their purchases." - Tim Wentworth, Walgreens Boots Alliance CEO.
Roughly a quarter of Walgreens' U.S. stores could be affected in the store closure program, focusing on those not crucial to the long-term strategy.
Neil Saunders of GlobalData Retail pointed out Walgreens should have invested more in private-label products to cater to value-conscious consumers.
Walgreens shares dropped over 20% post earnings report, attributing the decline to worse-than-expected consumer spending and profit outlook cut.
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