Walgreens slashes earnings guidance due to lower consumer spending, drop in Covid care demand

Walgreens Boots Alliance on Tuesday slashed its full-year earnings guidance as it fell short of Wall Street expectations for its fiscal third quarter due to lower consumer spending and a drop in demand for Covid vaccines and testing.

The retail pharmacy chain lowered its earnings guidance to a range of $4.00 to $4.05 per share for the full year, down from its previous forecast of $4.45 to $4.65 per share.