walgreens closing stores 2023
The list of grocery store closures in 2023 is growing, and it includes some of the country's major retailers. According to the Progressive Grocer,
Walgreens, the fifth-largest food retailer in the United States by sales, would close 150 US stores and 300 UK outlets.
According to Retail Dive, the closures were revealed after the company reported a 60% decline in net earnings to $118 million in the preceding quarter,
which ended on May 31. Walgreens CEO Rosalind Brewer stated last week that two factors "held back" the company's earnings during the quarter.
For one thing, she noted that COVID-19 service demand was lower than expected. COVID-19 testing and vaccines were "down sharply" from the previous year
She went on to say, "We are prudently reducing our COVID contribution expectations going forward."
Brewer also stated that Walgreens customers had reduced their spending owing to high inflation and "an uncertain economic outlook."
Walgreens is reducing expenses by closing hundreds of stores. During this week's earnings call, Walgreens CFO James Kehoe stated that the company
has just fired off 500 workers as part of a cost-cutting strategy. Kehoe said that 500 workers made up around 10% of its corporate and support office
With these closures, Walgreens will join other grocery shops in closing stores this year. Walmart, the top US grocery store, is one of them,
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