Major drugstore chains, including CVS and Rite Aid, have struggled in recent years because of declining profits from filling prescriptions.
Walgreens is set to close a substantial number of its US locations in the coming years. Walgreens is set to close a substantial number of its roughly 8,600 locations across the United States as the company looks to reset the struggling pharmaceutical chain’s business.
Sales rose 2.6% to $36.4 billion for the quarter. That might not “look unreasonable, but this is running below inflation and, across some segments of the business, represents a loss of market share,” Neil Saunders, managing director of GlobalData, said in a note. The front end of drugstores, where they sell snacks and household staples, also face pressure from larger competitors, including Target and dollar stores.
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