Walgreens Stock Soars After Earnings Hold Up Better Than Feared
Walgreens Boots Alliance posted a wider quarterly loss, hit by the costs of closing stores and weaker retail sales, but shares surged after a smaller-than-expected drop in adjusted earnings. Walgreens shares soared more than 28% to$11.84, its biggest ever one-day percentage increase since the 1970s, according to FactSet. The company expects to significantly increase the pace of its store closures from this quarter, and has identified the next 450 stores it aims to shutter, Chief Executive Tim Wentworth said Friday.