One out of every 4 stores in the U.S. is underperforming, Walgreens said.
In this undated photo, the interior of a Walgreens in Queens, N.Y. is shown.plans to close a large share of its U.S. stores over the next three years, Chief Executive Tim Wentworth said on a conference call with industry analysts on Thursday.
Walgreens will make changes at the remainder of the struggling stores in an effort to revitalize them, Wentworth said. "We will continue to consider closure if they don't improve," he added.arrives nearly seven months after the company embarked on a wide-ranging review of the business in response to flagging consumer spending and adverse changes in the pharmacy industry."Everything has been on the table," Wentworth said.
"Our customers have become increasingly selective and price-sensitive in their purchases," Wentworth said.discounts for 1,300 of its products, enticing customers with lower prices for many items, including miniature pretzels to coolers to gummy vitamins.Lower prices have triggered some additional customer spending but have hurt the company's profit margins, Walgreens Boots Alliance CFO Manmohan Mahajan said on Thursday's conference call.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Walgreens plans store closures as CEO says consumers 'stunned' by pricesRob Wile is a breaking business news reporter for NBC News Digital.
Read more »
Walgreens planning to close significant number of US stores, CEO saysWalgreens is planning to close a significant share of U.S. stores, CEO Tim Wentworth of parent company Walgreens Boots Alliance told the Wall Street Journal.
Read more »
Walgreens planning to close significant number of its US stores, CEO saysWalgreens is planning to close a significant share of U.S. stores, CEO Tim Wentworth of parent company Walgreens Boots Alliance told the Wall Street Journal.
Read more »
Walgreens Turns $344 Million Profit As CEO Asks Patience On TurnaroundI've written about the business of healthcare for more than three decades, starting from my native Iowa where I covered the presidential campaign bus rides of Bill and Hillary Clinton through the Hawkeye state talking health reform and the economy.
Read more »
'No One Else Is Even Close': Lucid CEO On Air Efficiency, Gravity SUVPeter Rawlinson says Lucid is not only ahead of Tesla in terms of tech and efficiency, but it’s also building a true SUV, unlike the Model X.
Read more »
Io.net CEO Ahmad Shadid steps down from CEO role days before token launchThe decentralized infrastructure provider has faced questions from critics in recent months regarding the veracity of its reported metrics.
Read more »