The company cited struggling sales, part of which is affected by lower COVID-19 vaccine and testing sales.
Walgreens reported $118 million of net earnings in its fiscal 2023 third quarter earnings report, released June 27, marking a 59% decrease from $289 million in net earnings reported for the same period last year. In addition, Walgreens’ expected full-year adjusted earnings has dropped to between $4 and $4.05 per share, down from a previous forecast of $4.45 to $4.65 per share.
“Our revised guidance takes an appropriately cautious forward view in light of consumer spending uncertainty, while still demonstrating clear drivers of a return to operating growth next fiscal year,” CEO Rosalind Brewer said.
“I am confident that our turnaround strategy positions WBA to drive sustainable core growth and deliver long-term shareholder value,” she added.
In addition to closing 150 Walgreens locations across the U.S., Walgreens Boots Alliance – the holding company which owns Walgreens and Boots retail stores – also will close 300 Boots locations in the United Kingdom, according to NBC Chicago.
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