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Walgreens will close 1,200 stores over the next three years after announcing fourth-quarter earnings on Tuesday that beat analyst expectations, as the pharmacy chain—which reported future “significant” store closures earlier this year—works to free up its cash flow.

Walgreens Boots Alliance Inc (NASDAQ:WBA, ETR:W8A) was one of the top risers on the S&P 500, jumping 10.4% as it announced plans to close most of its underperforming stores.  Investors were impressed by news that the drug store chain plans to close around 1,200 of its 8,700 US drugstores over the next three years, saying a quarter of its outlets are unprofitable.

Walgreens Boots Alliance has announced plans to shutter 1,200 stores across the US over the next three years as the company embarks on a comprehensive turnaround strategy under new CEO Tim Wentworth.

Walgreens topped Q4 estimates and announced plans to close 1,200 drug store locations, including 500 in fiscal 2025. Shares jumped.

Walgreens to close about 1,200 stores in the US over the next three years. The closures follow a June announcement to shut 25% of its US locations.

Walgreens reported fiscal fourth-quarter sales and profit that beat Wall Street's expectations, reflecting the company's efforts to slash costs. The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 closures in fiscal 2025 alone.

On a day when Walgreens Boots Alliance reported another $3 billion in losses, the drugstore chain said it will close 1,200 stores over three years in an effort to return to profitability and long-term growth.

Walgreens Boots Alliance said on Tuesday it would shut 1,200 stores over the next three years as new CEO Tim Wentworth plots a turnaround at the struggling pharmacy chain operator hit by sluggish consumer spending and low drug reimbursement rates.

DEERFIELD, Ill.--(BUSINESS WIRE)--Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced financial results for the fiscal year and fourth quarter that ended Aug. 31, 2024. “Our financial results in the fiscal fourth quarter and full year 2024 reflected our disciplined execution on cost management, working capital initiatives and capex reduction. In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow,.

Walgreens Boots Alliance, Inc. WBA will release earnings results for its fourth quarter, before the opening bell on Tuesday, Oct. 15.