Retail analyst Neil Saunders, managing director at Global Data, called the store an “extremely unfriendly, utilitarian concept that has been informed by the needs of Walgreens to reduce theft and labor costs rather than by serving customers.” It’s not designed to deter theft, Walgreens says.īut retail experts say keeping all merchandise out of reach sure is an effective way to combat rising incidents of shoplifting. Walgreens says it’s a digital-first experimental store to benefit customers. The same location earlier this month reopened with a dramatically pared back look. The store, located on 2 East Roosevelt Road, at one point offered a typical Walgreens shopping experience – multiple aisles stacked with daily essentials, cosmetics, packaged snacks, health care needs and an in-store pharmacy. Walgreens is also experimenting with newer store formats, including one in Chicago where most of the merchandise is intentionally kept out of sight. Walgreens unveils Chicago store with only two aisles and most products kept out of sight Jakub Porzycki/NurPhoto via Getty Images/FILE Excluding tobacco, comparable retail sales increased 0.2%, led by purchases of grocery, household and beauty items. Outside of pharmacy products, Walgreens reported retail sales fell 1% and comparable sales decreased 0.2% in the quarter. The retailer also noted softer sales of over-the-counter testing kits in the quarter. Its pharmacy sales increased 6.3% in the period versus a year ago, while comparable pharmacy sales increased 9.8%, boosted by higher prices of branded medication.īut the volume of Covid vaccines administered in the quarter plummeted to 0.8 million, compared to 4.7 million a year ago. The company said its retail pharmacy sales in the US came in at $27.9 billion, up 4.4% from a year ago and comparable sales (or sales at stores open at least a year) for the segment were up 7% compared to a year ago. (WBA) to drive sustainable core growth and deliver long-term shareholder value.” Healthcare segment.” I am confident that our turnaround strategy positions Walgreens (WBA) was increasing its cost-savings efforts to $4.1 billion and “taking immediate actions to optimize profitability for our U.S. “Our revised guidance takes an appropriately cautious forward view in light of consumer spending uncertainty, while still demonstrating clear drivers of a return to operating growth next fiscal year,” CEO Rosalind Brewer, said in a statement. The company also slashed its full-year guidance to $4.00 to $4.05 a share from $4.45 to $4.65 previously, citing “challenging consumer and macroeconomic conditions, and lower COVID-19 vaccine and testing volumes.” Shares of the company fell close to 10% Tuesday. The pharmacy chain posted earnings for its fiscal third quarter of $118 million, or 14 cents a share, compared to $289 million, or 33 cents a share a year ago. Walgreens Boots Alliance on Tuesday reported earnings that tumbled from the same time a year ago amid softening consumer spending and a pullback in demand for Covid vaccines.
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