Consumer
Walgreens to Shutter 14% of US Stores to Offset Weak Demand
- Shares jump on plan to cut retail costs, improve cash flow
- Drugstore chain forecasts 2025 profit in line with estimates
Fourth-quarter earnings were $0.39 a share, beating analysts’ average estimate of $0.36 a share.
Photographer: Justin Merriman/BloombergWalgreens Boots Alliance Inc. plans to close 14% of its US stores to cut costs as consumers pull back spending.
The drugstore chain said Tuesday it will shutter around 1,200 outlets over the next three years, with 500 closures slated for 2025. The shares surged 14% at the open of trading in New York.