The parent company of the pharmacy chain plans 'decisive steps' to reduce costs.
The US owner of pharmacy chain Boots has warned of possible store closures in the UK as it tries to cut costs.
Walgreens Boots Alliance said it would take"decisive steps" to reduce costs as part of a company-wide"significant restructuring".it had suffered its"most difficult quarter" since the firm's formation with UK like-for-like sales down 2.3%.Chief executive Stefano Pessina said market challenges had"accelerated" in the three months to the end of February, but that it had failed to respond rapidly enough"resulting in a disappointing quarter".
The cost cuts follows Boots' announcement in February that 350 jobs were at risk in its Nottingham head office amid plans to reduce costs by 20%. Overall earnings for the firm's second quarter were down 14.3% compared to the same period last year. The company said it was now expecting profit to be flat for the full year, down from its earlier guidance of 7% to 12% growth.
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