Pharmacy chain operator has been hit by sluggish consumer spending and low drug reimbursement rates
Walgreens Boots Alliance said on Tuesday it would shut 1,200 stores over the next three years as the new CEO, Tim Wentworth, plots a turnaround at the struggling pharmacy chain operator hit by sluggish consumer spending and low drug reimbursement rates.
The company also narrowly beat Wall Street’s lowered estimates for fourth-quarter adjusted profit, and forecast fiscal-year earnings that were mostly in line with expectations. Its shares jumped 5.4% to $9.50 in pre-market trading.
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