Walgreens Unveils $1 Billion Cost-Cutting Plan as 2024 Profit Forecasts Fall Short
October 12, 2023
Walgreens Boots Alliance has announced plans to implement at least $1 billion in cost reductions in 2024, including the closure of unprofitable stores and the integration of artificial intelligence for a more efficient supply chain. The company’s stock saw a 5% increase in early trading following this announcement, which comes in response to lower-than-anticipated financial year 2024 profit projections. Walgreens has been grappling with declining sales of COVID-19 products, sluggish prescription drug demand, and staff walkouts, further exacerbated by weak consumer health product sales due to high inflation.
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