Walgreens is Closing 150 Stores Across the United States

Walgreens has announced the company will be shutting down over a hundred of its retail stores across the United States after failing to reach revenue goals for the third fiscal quarter. Walgreens hopes to cut operational costs by at least $800 million next year.

One hundred and fifty stores are scheduled to close as part of a cost-cutting measure after Walgreens stock fell short of its forecasted $4.45 to $4.65 per share to about $4.00 per share, as reported by NBC Chicago earlier this week.

The lowest-earning stores are slated to close, with some only reporting an average of $1.00 or slightly more per share.

Walgreens’ CEO Rosalind Brewer said the company will readjust and “take 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.” Walgreens is planning on increasing its current $3.5 billion cost management program to $4.1 billion.

A number of factors contributed to Walgreens’ financial struggles, including fewer people purchasing COVID-19 tests and vaccines. While Walgreens is more than just a pharmacy, selling retail items and groceries as well, the company makes most of its money from its pharmacy department and over-the-counter medications, averaging about 74 percent.

However, the company did exceed forecasted revenue expectations, ending the third quarter with $35.42 billion as outlined in Walgreens Boots Alliance’s third-quarter fiscal report. Unfortunately, that only netted Walgreens $118 million in profit, down 59 percent from the previous quarter.

The company has yet to release a list of which locations will be shut down. Walgreens has confirmed that the 150 stores will be closing their doors by August 2024. An additional 300 Boots stores, owned by the same parent company, will also be closing in the UK.

Panorama Hispano is the regional news and information newspaper for Hispanic and other diverse communities.

US Hispanics are now the largest ethnic minority in the United States numbering 54.2 million as of July 2014. Serving: Buffalo, Rochester, Fredonia, Niagara Falls, NY and Erie, PA. Outside our Market area: Visit our affiliate at: http://www.impremedia.com/

Contact us: Contact@PanoramaHispanoNews.com

Featured News

Feb 24, 2024
Gobierno de Ecuador prevé construir dos cárceles al estilo Bukele

Estas dos nuevas cárceles tendrán un costo aproximado de unos 125 millones de dólares, informó el viceministro de Finanzas, Daniel […]

Read More
Feb 24, 2024
Con 2 de Shaw, EEUU golea 4-0 a Argentina; México vapulea 8-0 a Dominicana en Copa Oro femenina

  CARSON, California, EE.UU. (AP) — Jaedyn Shaw consiguió un doblete y Estados Unidos tomó una ventaja de tres goles […]

Read More
Feb 24, 2024
Patrulla Fronteriza deja a migrantes en parada de autobús de San Diego al agotarse ayuda municipal

SAN DIEGO (AP) — Cientos de migrantes fueron dejados el viernes en una parada de autobús de San Diego en […]

Read More

popular categories

Featured (4,707)
Mundo Latino (1,947)
Locales / Regional (969)
Buffalo (1,989)
Dunkirk (1,571)
Rochester (1,549)
PA (1,153)
Negocios / Tecnología (901)
Tecnología y Science (185)
Salud (533)
Deportes (748)
Entretenimiento (697)
Extras (380)
Movies (194)
Viajes, Vida y Estilo (650)
Copyright © 2024 Panorama Hispano News. All Rights Reserved.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram