Business & Tech

Walgreens Closing 'Significant Number' Of Stores: See CT Impacts

In its third-quarter report, Walgreens announced that "certain underperforming stores" will be shuttered.

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One of two Walgreens in Vernon was bustling Thursday, but in its third-quarter report, the chain announced that "certain underperforming stores" will be shuttered. There are 93 stores in Connecticut.
One of two Walgreens in Vernon was bustling Thursday, but in its third-quarter report, the chain announced that "certain underperforming stores" will be shuttered. There are 93 stores in Connecticut. (Chris Dehnel/Patch)

CONNECTICUT — A financial storm cloud was hanging over Connecticut's 93 Walgreens stores Thursday, following an announcement a day earlier that the parent company is planning to close "certain underperforming stores" as part of a "significant multiyear footprint optimization program."

The announcement was made following the release of the Illinois-based Walgreens Boots Alliance third-quarter earnings report.

Walgreens executives said the company is "launching a U.S. retail pharmacy action plan to invest in and deliver an improved customer and patient experience across channels" while "simplifying and focusing the U.S. Healthcare portfolio."

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The company boasts about 8,600 Walgreens and Duane Reade stores in the U.S.

"We continue to face a difficult operating environment, including persistent pressures on the U.S. consumer and the impact of recent marketplace dynamics, which have eroded pharmacy margins," Walgreens Boots Alliance Chief Executive Officer Tim Wentworth said in the third quarter report. "Our results and outlook reflect these headwinds, despite solid performance in both our International and U.S. Healthcare segments."

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Since its announcement, Walgreens has not listed what stores it plans to close.

According to the earnings report, companywide sales increased 2.6 percent from the year-ago quarter to $36.4 billion, an increase of 2.5 percent on a constant currency basis, "reflecting sales growth across all segments."

The company, though, is lowering its fiscal 2024 adjusted earnings per share guidance to $2.80 to $2.95 to reflect "challenging pharmacy industry trends and a worse-than-expected U.S. consumer environment."

See also across CT: Man Dead After Tree Falls : Reports

Some Connecticut towns have multiple Walgreens locations. Towns in the state with Walgreens stores include:

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