Walgreens Boots Alliance said Thursday it will close a "significant" number of underperforming stores in the U.S, citing weak consumer spending.

What You Need To Know

  • Walgreens said it plans to close a significant number of stores over the next three years

  • The chain plans to close underperforming locations

  • A company spokesperson said about 25% of Walgreens stores are not contributing to the company's long-term strategy

  • During an earnings call Thursday, Walgreens cut its profit forecast for the 2024 fiscal year

It did not disclose the number of locations it plans to shutter.

“Approximately 25% of Walgreens stores are not contributing to our long-term strategy,” a Walgreens spokesperson told Spectrum News. “We’re finalizing an optimization program that we expect will include closing a significant portion of these locations over the next three years. We are also taking a series of actions and making investments to enhance the customer and patient experience.”

Walgreens currently operates about 8,700 stores.

During an earnings call Thursday, Walgreens cut its profit forecast for the 2024 fiscal year. Shares in the company were down 25% following the call.