Walgreens to close a “meaningful percent” of stores

I'm convince reporting from the New York Stock Exchange. Here's what we're watching on the Street today. Wall Street is continuing to digest mixed corporate earnings. After a slew of earnings results Wednesday, investors are anticipating Friday's personal consumption and expenditures index, which measures consumer inflation and spending in May. This report will be closely watched for any hints into the Federal Reserve's path forward on interest rates. Markets are pricing in a more than 50% chance of a rate cut as soon as September. In other news, after reporting weaker than expected earnings and slashing its full year profit outlook, Walgreens announced it will be closing a significant number of stores. While the company hasn't disclosed just how many of its roughly 8600 locations will close, CEO Tim Wentworth said it will be a quote, meaningful percent. Wentworth went on to say quote, we continue to face a difficult operating environment, including persistent pressures on the US consumer and the impact of recent marketplace dynamics, which have eroded pharmacy margins. He also said that only 75% of all Walgreens stores drive 100% of the company's profitability. However, Walgreens is not the only drugstore chain to struggle over the past several years. CVS plans to have closed around 900 locations by the end of 2024, while Rite Aid has closed or announced the closing of hundreds of stores since filing for bankruptcy in October of last year. Despite the weak quarter, Walgreens sales were up 2.6% year over year. That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens with the street.