What: The pharmacy group sees the medical part of the business growing, but not offsetting losses incurred by the retail division.

Why it is important: The US and UK are already saturated in terms of retail coverage, more adjustments from other chains should be expected in the coming months.

Walgreens Boots Alliance is set to close 300 Boots stores in the UK and 150 Walgreens branches in the US over the next year to optimize its locations.

The announcement came as the pharmacy group cut its annual earnings forecast due to diminished demand for Covid-related products and a more value-driven consumer approach. The company also increased its cost-saving target after it fell short of Q3 profit expectations.

While retail division same-store sales slightly decreased, pharmacy same-store sales increased by 9.8%. Walgreens now predicts adjusted earnings per share of USD 4 to USD 4.05 for 2023. Despite these closures, Boots remains committed to the UK high street and no redundancies have been proposed, with staff being offered work at other stores.

Boots and Walgreens to close 450 branches in the US and UK