The results and guidance cut com as Walgreens works to slash costs by closing underperforming U.S. stores, among other measures.
Walgreens reported fiscal third-quarter earnings that fell short of expectations and slashed its full-year adjusted profit outlook due to a"challenging" environment for pharmacies and U.S. consumers.
He added that"the consumer is absolutely stunned by the absolute prices of things, and the fact that some of them may not be inflating doesn't actually change their resistance to the current pricing. So we've had to get really keen, particularly in discretionary things." "75% of our stores drive 100% of our profitability today," Wentworth said."What that means is the others we take a hard look at, we are going to finalize a number that we will close…"Walgreens booked sales of $36.4 billion for the quarter, up 2.6% from the same period a year ago.
The company said the higher sales reflect primary care provider VillageMD and specialty pharmacy company, Shields Health Solutions. Shields saw sales jump 24% during the period, driven by growth within existing partnerships. "We are working with their management team to ultimately still be an investor, but meaningfully reduce our investment as well as gain some liquidity so that we can invest back in the retail pharmacy business that represents our future," Wentworth told CNBC of the company's investment in VillageMD.
The company said that sales growth came entirely from comparable pharmacy sales and partially offset by a decline in retail revenue.
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