Healthcare DIVE October 15, 2024
The drugstore retailer’s plans reverse its expansion ambitions from a few years ago, when the company attempted to merge with rival Rite Aid.
Dive Brief:
- Continuing its belt-tightening, Walgreens will close about 1,200 stores over the next three years, starting with about 500 in the current fiscal year, which just commenced.
- That’s more than half the number of stores the drugstore retailer acquired from Rite Aid seven years ago, after they called off their planned merger.
- Retail operations were a drag on results: Q4 retail sales fell 3.5% year over year, with comps down 1.7%, while full-year retail sales fell 4.6%, with comps down 3.4%, per an earnings presentation. Beauty, seasonal and general merchandise siphoned about 150 basis points...
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