Walgreens warns of low consumer spending, drop in Covid product sales

Walgreens executives said penny-pinching customers hunted for discounted items, shunning normal-priced consumer health products. — Reuters

LONDON: Walgreens Boots Alliance has warned that lower spending by inflation-weary consumers and a hit from a larger-than-expected drop in Covid-19 product sales may persist into next year, sending its shares down 9%.

The end of the Covid emergency in May led to a steep drop in Covid vaccines and testing, Walgreens executives said, while penny-pinching customers hunted for discounted items, shunning normal-priced consumer health products.