Walgreens Boots Alliance announced plans to shut 1,200 stores over the next three years as CEO Tim Wentworth works to address sluggish consumer spending and low drug reimbursement rates.
Despite facing macro challenges, Walgreens narrowly beat Wall Street's lowered profit estimates and forecast full-year earnings that align with expectations, reflecting cautious optimism in its financial outlook.
CEO Tim Wentworth emphasized that while turnaround efforts will take time, they are expected to bring significant financial and consumer benefits in the long term, following the introduction of cost-cutting measures.
Walgreens continues to struggle under pressures from consumers avoiding high-priced grocery items, which contributes to its stock trading near 30-year lows, marking a 65% decline this year.
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