Walgreens cuts profit guidance on 'challenging' pharmacy, consumer environment

- Walgreens reported Q3 earnings below expectations and lowered full-year adjusted profit outlook due to challenging environment for pharmacies and U.S. consumers - They plan to close underperforming U.S. stores over multiple years as part of cost-cutting efforts - Revenue for the quarter was $36.4 billion, up 2.6% from last year, and net income was $344 million - Adjusted earnings per share were 63 cents, below the expected 68 cents - U.S. health-care division saw a sales increase of 7.6% compared to the same period last year - Walgreens' international segment posted a sales increase of 2.8% from the year-ago period - Retail sales fell 4% and comparable retail sales declined 2.3% due to a challenging retail environment, among other factors. - Walgreens stock plunges more than 20% after reporting Q3 earnings below expectations - Walgreens slashes full-year adjusted profit outlook due to challenging consumer environment - Revenue for Q3 exceeds estimates due to strong performance in health-care segment - Walgreens closing underperforming U.S. stores and working on cost-cutting efforts - Walgreens simplifying U.S. health-care portfolio and finalizing plans to close stores - Walgreens reports growth in U.S. health-care unit sales, driven by VillageMD and Shields Health Solutions - Walgreens' U.S. retail pharmacy segment generates $28.5 billion in sales in fiscal Q3, an increase from previous year - Pharmacy sales for quarter rose 4.4% and comparable pharmacy sales increased 5.7% - Walgreens' international segment sees a 2.8% increase in sales, with Boots chain growing 1.6% - Walgreens scraps plans for IPO of subsidiary Boots, in informal talks with potential buyers