The new CEO of Walgreens Boots Alliance will help steer a massive cost-cutting plan as the drug-store chain attempts to stop losing money and as demand from COVID related products wains.
Days after appointing a new CEO, shares of Walgreens Boots Alliance are on pace for the best percentage increase in nearly a year, according to Dow Jones Market Data Group. Shares rose over 7% last November, and Thursday's gains came after the drugstore chain announced a large cost-cutting plan.
Despite the drop in COVID-related sales, the company said fourth quarter sales jumped 9.2% year-over-year to $35.4 billion and up 8.3% on a constant currency basis. GET FOX BUSINESS ON THE GO BY CLICKING HERE FOX Business Reporter Angelica Stabile and Reuters contributed to this report.
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