Wintrust Business Minute: Walgreens stock drops after cut to 2024 profit forecast

Wintrust Business Lunch

Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Walgreens stock dropped sharply after the Deerfield-based company cut its 2024 profit forecast. The pharmacy chain blames a worsening retail environment and says it’ll close a significant number of its underperforming U.S. stores. Walgreens didn’t say how many of the 8,700 stores would be affected. Management will also make more organizational changes but stopped short of discussing further job cuts. The store closures will be part of what the company describes as a multi-year footprint optimization program. Over the past year, Walgreens shares have dropped more than 45%.

Also, a Chicago-based robotics company has raised more than $27 million in a Series A funding round. Listen for more from below:

https://serve.castfire.com/audio/5248221/5248221_2024-06-27-172921.64kmono.mp3

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