turnaround of the drugstore giant’s key U.S. retail pharmacy business could take a year or longer by some estimates. In this photo is a sign in front of a Walgreens store in New Kensington, Pennsylvania, US, on Wednesday, Jan. 3, 2024. Photographer: Justin Merriman/BloombergAs Walgreens Boots Alliance considers closing hundreds of “underperforming” stores, the company’s top executive says a turnaround of the drugstore giant’s key U.S.
“As a result of the inflationary environment, WBA’s front-store customers continue to be highly price-sensitive and increasingly selective with their purchases,”wrote in a report following Walgreens third quarter earnings.
“As the convenient destination for millions of customers and driving $27 billion of retail sales, the store and its digital channels are central to our strategy and consumer experience,” Walgreens chief executive officer Tim Wentworth told analysts on a call to discuss the company’s fiscal third quarter earnings. “But the customer has evolved. Demographics and preferences have shifted, and we need to reposition and operate our stores accordingly.
“We see a clear stabilization and actual growth path for that business,” Wentworth told analysts. “It is going to take time. We're not going to give you guidance, but it's quarters, not months. It's not necessarily multiple years, but it is probably a period of time that we will have to demonstrate to you and frankly, to our consumer that we are going to deserve their preference.”
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