Walgreens Boots Alliance is raising its cost-savings goal by 17% to $4.1 billion after a disappointing quarter — a move that comes just weeks after it said it was eliminating 10% of its corporate workforce.
The announcement Tuesday follows a weaker-than-expected quarter marked by less demand for COVID-19 tests and vaccines, a slow respiratory illness season, and consumers facing inflation and an uncertain economy. The Deerfield, Illinois-based company slashed its full-year adjusted earnings per share guidance Tuesday to $4 to $4.05 from $4.45 to $4.65.
“Our performance in the third quarter did not meet our overall expectations and we are disappointed to have to change our fiscal 2023 guidance,” CEO Roz Brewer said during an earnings call.
