CONCORD, NH — Walgreens, which has several stores around New Hampshire, is slated to close a “significant” number of underperforming locations across the country, according to its CEO.
The announcement came during the release of the company’s third-quarter financial report, follow-up statements, and interviews in the business press.
“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,” said Tim Wentworth, CEO of WBA, in the company's third-quarter results report. “Our results and outlook reflect these headwinds despite solid performance in both our International and U.S. Healthcare segments.”
Walgreens and a sister chain, Duane Reade, have around 8,600 stores nationwide. Wentworth said the company wanted to close a “significant share” of its American stores. The company did not announce where the store closures would be but confirmed it would utilize up to $1 billion in cost cuts in October 2023.
The company operates more than two dozen stores around New Hampshire, including in Bedford, Concord, Exeter, Hampton, Londonderry, Manchester, Merrimack, Milford, Nashua, and Salem.
The announcement came even though the company reportedly showed sales growth across all segments and operating income from the third quarter of $111 million based on $36.4 billion in sales. A year ago, reports said, the company had an operating loss of $477 million for the third quarter. Net earnings were $344 million compared to $118 million a year ago quarter.
Do you have a news tip? Please email it to tony.schinella@patch.com. View videos on Tony Schinella's YouTube.com channel or Rumble.com channel. Follow the NH politics Twitter account @NHPatchPolitics for all our campaign coverage.
Sign up for free local newsletters and alerts for the
Concord, NH Patch
Patch.com is the nationwide leader in hyperlocal news.
Visit Patch.com to find your town today.