Walgreens is finalizing a plan to fix its U.S. business that could result in closing hundreds of additional stores over the next three years.
CEO Tim Wentworth told analysts Thursday morning that “changes are imminent” for about 25% of the company's stores, which he said were underperforming. The drugstore chain currently runs more than 8,600 in the United States.Wentworth said the company's plan could include the closing of a “significant portion” of those roughly 2,100 underperforming stores if they don't improve.
Plus, analysts say they’ve also been hit by growing competition from Walmart, Amazon and other discount retailers over sales of goods sold outside their store pharmacies. Consumers also tend to grow more price conscious when inflation rises, and drugstores generally have higher prices than those discounters.“Our customers have become increasingly selective and price sensitive in their purchases,” said Wentworth, who joined the company last fall and has been conducting a review of its business.
Walgreens Boots Alliance Inc. also reported that it missed earnings expectations and cut its annual forecast.
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 cuts 2024 profit forecast, announces store closuresWalgreens cuts 2024 profit forecast, announces store closures
Read more »
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 slashes full-year outlook, announces significant store closuresPharmacy chain Walgreens announced Thursday that it would close a significant number of its U.S. stores, after cutting its full-year profit outlook.
Read more »
Major Walgreens Store Closures ImminentThe pharmacy chain's CEO, Tim Wentworth, said the company plans to close a 'meaningful percent' of locations.
Read more »
Walgreens to close a 'significant' number of underperforming stores in the USClosures would depend on the location's profitability, being too close to each other or stores struggling with theft, the CEO said.
Read more »
Walgreens to take a hard look at underperforming stores, could shutter hundreds moreWalgreens is finalizing a plan to fix its business that could result in the closure of hundreds of additional stores in the next three years. CEO Tim Wentworth told analysts Thursday morning that 'changes are imminent.'
Read more »