Walgreens to Close 150 US Stores by End of August 2024

Industry media reported last week that Walgreens was planning to close 150 US locations – 450 locations total worldwide, which includes Boots stores in the UK.

According to CNN, Walgreens Boots Alliance CFO James Kehoe made the announcement on the company’s earnings call on June 27. Walgreens operates close to 9,000 stores in the US – the 150 closures are expected to occur by the end of next fiscal year at the end of August 2024.

CEO Rosalind Brewer said in the company’s fiscal 2023 third quarter results announcement: “WBA achieved 8.9 percent constant currency sales growth in the third quarter despite a challenging operating environment. Consumers continue to appreciate the value, convenience and range of services provided by Walgreens and Boots. However, significantly lower demand for Covid-related services, a more cautious and value-driven consumer and a recently weaker respiratory season created margin pressures in the quarter. Our revised guidance takes an appropriately cautious forward view in light of consumer spending uncertainty, while still demonstrating clear drivers of a return to operating growth next fiscal year. We are raising our cost savings program target to $4.1 billion and taking immediate actions to optimize profitability for our US Healthcare segment. I am confident that our turnaround strategy positions WBA to drive sustainable core growth and deliver long-term shareholder value.”