Walgreens has announced plans to close more than 100 stores across the U.S. by August 2024.
In a statement to NBC Chicago Tuesday, a spokesperson for the company confirmed that 150 stores are expected to close by the end of August in 2024.The news comes as Waglreens slashed its earnings forecast for the year and raised a cost-cutting goal after missing analyst profit expectations in its fiscal third quarter.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyShares of the drugstore chain tumbled early Tuesday after the company said it was hurt in part by significantly lower COVID-19 vaccine and testing sales. Walgreens now expects full-year adjusted earnings to range from $4 to $4.05 per share. That's down from a previous forecast range of $4.45 to $4.65 per share. It's also well below Wall Street expectations.
Analysts forecast adjusted earnings of $4.44 per share for the fiscal year, which ends in August, according to FactSet.
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