Walgreens plans store closures as CEO says consumers 'stunned' by prices
Walgreens considers closing stores due to tough pharmacy market. Quarterly earnings disappoint, stock drops 25%. CEO cites weak consumer spending, high prices. Up to 25% of 8,600 stores may close. Transitioning to health-care focus.
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Walgreens is considering significant store closures due to what its CEO describes as a challenging environment for pharmacies and consumers in the U.S. The pharmacy chain reported quarterly earnings below Wall Street expectations, leading to a 25% drop in its stock price. CEO Tim Wentworth mentioned weaker consumer spending forecasts for the year, attributing it to consumers being shocked by high prices. While the exact number of closures was not specified, it could potentially affect up to 25% of Walgreens' 8,600 stores. The company has been struggling for years, with declining stock prices and pressure from competitors like big-box chains and online retailers. Despite these challenges, Walgreens has seen success in its health-care segment, emphasizing on-site medical services and specialty pharmacy offerings as part of its transformation into a larger health-care company.
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