Walgreens Could Be Closing A Number Of Washington Locations

Walgreens revealed their fiscal 3rd Quarter 2024 results today, and it wasn't good.  They reported a $13.1 billion operating loss in the first 9 months of the fiscal year, compared to $6.4 billion the previous year.  That works out to an additional $6.7 billion in losses to go with a 45% drop in stock shares over the last year.  It is forcing the company to make some hard decisions regarding operations in the U.S.

Haven't We Heard This Before?

Yes, you have.  Just last month Walgreens announced they were closing roughly 150 stores in the U.S.  They also announced the closure of approximately 450 stores last year.  When your profile is close to 10,000 stores, 600 doesn't sound like much.  Fast forward to today's report and it is expected the pharmaceutical giant will be shuttering a lot more, even after they took a huge cost cutting step a few weeks ago.

Walgreens grabbed a pair of scissors and...

They cut prices on 1,300 items in store to help increase sales and attract customers feeling the pinch of inflation.  They also relaunched a program for their loyalty club members offering them exclusives on certain days of the week.

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If Walgreens Is My Pharmacy What Can I Expect?

Nothing right now, but the word is the company is looking to shutter 25% of their 8,600 remaining stores over the next three years.  That would be around 2,150 total across the country.  They are specifically targeting those that are underperforming.  If you've been paying attention to the Walgreens around here, you may have noticed changes at some.  For example, the Walgreens at 395 and Clearwater in Kennewick has continued to reduce it's pharmacy hours over the last six months to a year.

The last time I checked, the pharmacy was open 9-5 Monday through Friday and closed on weekends.  Those type of reductions can signal a number of things, but when you're closed during prime hours for people to pick up prescriptions, it isn't a good signal.  Walgreens as yet to announce the stores that will be on the block, but expect that list to begin trickling out soon.

Will Any Tri-Cities Locations Close?

There are currently six locations in our area, three in Kennewick, two in Pasco, and one in Richland.  You could probably bet a dollar to a doughnut that at least one of those stores might make the closure list.