Walgreens saw a significant drop in its stock price, plummeting over 20% following disappointing fiscal third-quarter earnings and a reduced full-year profit forecast. The company attributed this to a challenging environment for pharmacies and U.S. consumers.
Revising its fiscal 2024 adjusted earnings to $2.80 to $2.95 per share, down from the previous $3.20 to $3.35 per share, Walgreens CEO Tim Wentworth expressed surprise at the lack of consumer strength in the market.
Wentworth noted that consumers are shocked by high prices, even if some items are not inflating, leading to resistance towards current pricing. Despite this, Walgreens exceeded revenue expectations for the quarter, driven by strong performance in its health-care segment.
2024-06-27 11:12:18
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