Walgreens plans store closures as CEO says consumers 'stunned' by prices

- Walgreens stock has been declining for almost 10 years - Walgreens announced earnings that fell short of expectations, causing stock to drop by 20% - CEO Tim Wentworth blames weak consumer spending for poor forecast - Walgreens considering closing up to 25% of its stores due to challenging environment - Walgreens also planning to slash prices on 1,300 items due to consumers' financial strain - Walgreens is planning store closures due to challenging environment for pharmacies and U.S. consumers - Quarterly earnings fell short of Wall Street expectations, causing a stock drop of more than 20% - CEO noted weaker consumer spending and high prices as factors - Company may close as much as 25% of its 8,600 stores - Walgreens has faced steady stock declines over nearly a decade, with reduced revenues and retail pressure from competition - Company aims to shift from drugstore chain to healthcare company with health-care segment growth - CVS is chief rival, also facing pressure in recent years - Walgreens CEO Tim Wentworth took over in October 2024 after predecessor left unexpectedly