Walgreens, the retail pharmacy giant, reported fiscal fourth-quarter earnings that fell short of expectations. Demand for Covid vaccines and tests has decreased in the US, impacting the company’s performance. This is the second consecutive quarter in which Walgreens has underperformed Wall Street’s adjusted earnings expectations. Despite this, the company did report narrower losses and progress in its cost-cutting plans. Walgreens also saw sales growth in its health care business, which is now a central part of its strategy. Following the departure of its former CEO, Roz Brewer, last month, Walgreens named Tim Wentworth as its new CEO. Wentworth, a health-care industry veteran, is tasked with navigating the company out of its current challenges. Although he acknowledged the company’s recent labor pressure from pharmacy staff, he made no mention of the three-day walkouts that occurred this week. Walgreens expects adjusted earnings per share of $3.20 to $3.50 in the next fiscal year, lower than analysts’ estimates. The company also anticipates revenue in the range of $141 billion to $145 billion for the year, slightly below Wall Street’s estimates. Walgreens’ shares closed 7% higher upon the release of its quarterly results.
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