The money shot was kept close to the vest.
Walgreens’ stock plunged more than 20% in trading Thursday morning after the company reported disappointing earnings and slashed its profit outlook. The drugstore chain said it plans to cut a “significant” number of its more than 8,600 stores in the US, CNN reports. Walgreens has already closed more than 2,000 stores over the last decade. CEO Tim Wentworth said Thursday that a quarter of the remaining stores aren’t profitable and a “significant portion” of them could close, reports the AP.
We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require we approach the market differently,” he said. Customers, Wentworth said, “have become increasingly selective and price sensitive in their purchases.” He told CNBC that “the consumer is absolutely stunned by the absolute prices of things, and the fact that some of them may not be inflating doesn’t actually change their resistance to the current pricing.”
Wentworth told the Wall Street Journalthat the locations the company will be taking a “hard look at” include those that are too close to each other and those most affected by theft.
most affected by theft.
most affected by theft.
most affected by theft.
most affected by theft.
most affected by theft.
most affected by theft.
The “deserts” are caused by RACISM!
It can’t be that deserts are caused by theft. Or that people who have no intention of being thieves are not willing to risk their lives by walking through homeless encampments.
Or that people don’t want to step in human feces or on a dirty needle.
It’s all racism.
Thanks, lefties!!!
I’m sure the dindu nuffins have nothing to do with it!
I was affected by Walgreens hiring an abundance of non binary gender fluid pharmacy associates. One gal in particular was a bit too flirty with me at the drive thru window. So yeah.
Retail theft and weirdos is an unsustainable business model.
Upstate NY here…they have been closing stores down in my area for 1-2 years now. I’m sure other drug stores have similar issues.
Why don’t all these millionaire and billionaire lefties just give Walgreens their money so they can stay open for the “$999 non-shoplifters”?
https://youtu.be/g3nxiu8sZDY?si=IXL6I1BUo6BmjXrZ
I’m thinking that they would be doing better if they had fulfilled doctors prescriptions for Hydroxychloroquine and Ivermectin.
But I agree that any store that stays where theft is a sport deserves to fail.
Also, Amazon has fairly recently entered the pharmacy biz. It’s a commodity now, the primary value being convenience.
Went in to a Walgreens exactly once. Gal told me that in order to get the sale prices, I had to have their App on my phone. I showed her that I only had a flip-phone. She shrugged; said “too bad”. I know damn well she could have hit the price-override key if she wanted to.
I walked out and never went back.
Well from my perspective Walgreens, CVS, Rite-Aid, etc are/were way more expensive than our local Discount Drug Mart pharmacy chain in the greater Cleveland area, so we would rarely go into those national chains. I never really understood that either because with their size of their purchasing power they should be able to leverage better prices, but they don’t. I also think that a local chain knows where to plant a store better than a national chain. Walgreens was the place to go in Chicago in the 70s when I was there, but look how much that town has changed since then. If they get chased out because of changing demographics I can’t blame Walgreens for that. It’s just a sign of the times.
How many did they help MURDER with the jab? F THEM.
@Claudia:
That made me smile. It was a grim smile, but a smile nevertheless.
Then it occurred to me that theft in the inner city isn’t a sport, it’s an entitlement. I’m not smiling any more.
Are there any Rexall drug stores left anymore or is that a thing of a long time ago. My local Walgreens is OK and is preferable to the Wally World pharmacy. I just have most of my prescriptions filled at Kaiser when I go see the doctor.
The pharmacy business is all about Medicare (particularly Part D)
and Medicaid and the big insurance companies who compete for the business driven by Federal and State money. Otherwise, it would be on its lips.
When I moved to Phoenix 20+ years ago I was amazed how many Walgreens and CVS stores there were. Most seemed to be right across the street from each other or almost never more than a mile between stores. A few CVS have closed down lately and several look like they’re shut down but are, apparently, still open. It’s hard to tell since I never see any cars in the lot…’cept for urban campers.
geoff – here ya go. Rexall ran a lot of good radio ads.
https://www.youtube.com/watch?v=5VZ-GXJODF0
https://www.youtube.com/watch?app=desktop&v=THIqTSzCyFk
I can go out my backdoor, turn right in the alley and they are literally a half block away.
Haven’t been there since before Covid. Hate the place.
Maybe they should stop selling over the counter abortion drugs.
My local rivertown phamacy, in business for 76 years folded this week, citing poor reimbursement rates from both private and Federal insurers, with the privates trying to drive business to their online phamacies and the Feds trying to drive businesses to their pet big boxes that they can more easily control.
No local theft required. The government stole their profits up front.
They always did a thriving business, place was always busy when I was there with rows and rows of prescriptions ready to go out, but they had that hometown feel. Many customers they called by their first name, and because I frequently picked up expensive medicines for my MIL who is a diabetic and a breast cancer survivor prepping for a masectomy along with a panoply of other issues to go with her advanced age, I often didnt have to say a word, they would see me and get her drugs and ring them up with little more than a hello and goodbye, and they only ever staffed three people that I knew of in a low rent strip mall in Boondocks OH, so overhead wasnt a huge problem.
They simply didnt have the volume the big boxes have to survive on the crumbs Big Pharma and government corruption left them.
And they’re not alone. Its not hard to find a closed pharmacy these days, the further from the population centers the easier it is. And usually with a sign saying their scripts went to the big grocery chains or to Wal-Mart.
The looting in the non-pharmaceurical lines in the big blue areas just makes sure they have no OTHER income besides the Big Pharma products. But make no mistake, they are being killed, deliberately and systematically, without that, and its all to concentrate the distribution of medicine in the fewest, most easily controlled hands as possible, all in the name of corruption and control.
Next time, it wont just be Ivermectin, and it wont just be about Coof.
It will be about political affiliations and social credit scores.
The Communists have no intention of leaving you alone, anywhere or about any thing.
And when the residual population that has resisted indoctrination and is old enough to remember freedom is also old enough to be medically dependent, what better venue to force them to kneel or cause them to die is there than the dispenser of drug therapies…
Here in FL I’ve had very good experiences with the pharmacy built in to my local Publix grocery store. I have no insight into how the purely business part of the deal is going but Publix execs and local management are extraordinarily customer-oriented. I suspect that unless and until their pharmacy operation goes significantly negative that they will remain active as part of that orientation.
Maybe I’m dreaming but I hope not. The pharmacy clerk frequently on duty when I go in is a nice lady who goes to our church. It’s nice to see her and chat a bit if there are no others waiting.
^ Typical of Publix: high standards in all their stores.
My local Kroger is pretty good, also.
Our local pharmacy is across the street from the Family Medical Center. You go to the CNP, get your Rx, walk across the street and pick it up. Elapsed time 10 minutes, if they’re busy.
The weird thing is that the pharmacy only carries meds, prescription and non. No greeting cards, cosmetics, skin care, shampoos, toys, magazines, general grocery, beer or soft drinks.