Earnings

Walgreens (WBA) earnings Q3 2020 swing to a loss

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Walgreens Boots Alliance said Thursday that the pandemic hurt its fiscal third-quarter results as fewer people went to the doctor and got prescriptions and the company spent more to staff and clean stores.

The drugstore chain said its profits were dragged down primarily by the United Kingdom. They were also squeezed by increased sales of low-margin items, higher supply-chain costs and additional expenses for labor and store cleaning.

With the steep losses, Walgreens said it would cut more than 4,000 jobs in its Boots UK and Boots Opticians businesses in the United Kingdom, along with shutting 48 optician centers. That amounts to a 7% reduction of the workforce in those two parts of the…



Source cnbc.com

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