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Walgreens stock plunges as drugstore chain slashes profit guidance in ‘challenging’ consumer environment
CNBC June 27, 2024
Key Points
– Walgreens reported fiscal third-quarter earnings that fell short of expectations and slashed its full-year adjusted profit outlook due to a “challenging” environment for pharmacies and U.S. consumers.
– The company topped revenue estimates for the quarter on strong performance in its health-care segment.
– The results come as Walgreens works to slash costs by closing underperforming U.S. stores, among other efforts.
Shares of Walgreens plunged more than 20% on Thursday after the company reported fiscal third-quarter earnings that fell short of expectations and slashed its full-year adjusted profit outlook, citing a “challenging” environment for pharmacies and U.S. consumers.
The retail pharmacy giant now expects fiscal 2024 adjusted earnings of $2.80 to $2.95 per share. That compares...
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