Walgreens reported a better-than-expected fiscal first quarter performance, despite incurring a loss of $265 million as it continued its efforts to revitalize its business. The company attributed the loss to higher costs associated with its plan to close around 1,200 U.S. stores, a strategy announced in October. Although the exact number of closed stores was not disclosed, Walgreens has already shuttered approximately a thousand U.S. locations since acquiring some Rite Aid stores in 2018.
Walgreens Boots Alliance Inc. operates nearly 3,700 international stores across various countries, including the United Kingdom, Mexico, Thailand, and Ireland. CEO Tim Wentworth emphasized the company's focus on cost control, cash flow improvement, and prescription reimbursement enhancements as part of its turnaround strategy, with a target set for 2025.
