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Thieving Gangs, Free Covid Testing Overshadow Walgreens' Rosy Outlook

  • Drug-store chain says organized gangs empty its stores
  • Vaccines, testing continue to add to sales, foot traffic
A Walgreens Boots Alliance Store Ahead Of Earnings Figures
Photographer: Luke Sharrett/Bloomberg
Updated on

Walgreens Boots Alliance Inc. faces threats from widespread theft by organized gangs, free government Covid-19 tests and rising labor costs, casting doubt on its rosy outlook for the coming year.  

The drug-store chain on Thursday raised its full-year adjusted earnings outlook to low-single-digit growth from flat following a fiscal first quarter that crushed Wall Street analysts’ expectations. The shares fell 1.4% at 11:19 a.m. in New York.