Boots will close 300 stores in the UK and a further 150 Walgreens branches in the US over the next year as parent company Walgreens Boots Alliance seeks to “optimise” locations.
James Kehoe, executive vice-president and global finance chief, confirmed the closures during an earnings call with analysts on Tuesday.
“As you have seen, we are accelerating our portfolio optimisation to further simplify the business,” he said.
The decision was announced as the pharmacy group slashed its earnings forecast for the year amid weakening demand for Covid-related products and said consumers were more “cautious and value-driven”.
Read the full story on the Financial Times here.