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Walgreens to close most stores on Thanksgiving, maintain 24-hour locations

Published Nov 23, 2023 12:44
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Deerfield-based Walgreens (NASDAQ:WBA) has announced that it will close the majority of its stores on Thanksgiving Day. This decision is part of a move to address concerns over working conditions and is supported by Chief Customer Officer Tracey Brown, who stressed the importance of giving team members meaningful time off. However, Walgreens will keep its 24-hour locations open, along with certain supply chain operations.

This change comes in the wake of recent labor disputes within the retail pharmacy sector, which saw a three-day pharmacists' strike and unionization efforts by IAM Healthcare among retail pharmacy workers. Competitor CVS Health (NYSE:CVS) also plans to shorten hours at its non-24-hour pharmacies for the holiday. Rite Aid (NYSE:US90274J5618=UBSS) (OTC:RADCQ), which is currently navigating bankruptcy, will close its pharmacies on Thanksgiving but keep retail operations going, with a full closure on Christmas.

The closure announcement arrives as Walgreens faces a challenging financial landscape. The company's stock, trading under the symbol NASDAQ:WBA, holds a Hold consensus from Wall Street analysts after a steep annual loss nearing 47%. Despite this downturn, analysts maintain an optimistic outlook for Walgreens, predicting an average price target that suggests about a 30% upside potential.

InvestingPro Insights

As Walgreens navigates the complexities of the retail pharmacy landscape, recent data from InvestingPro shows a mix of challenges and opportunities for the company. With a market capitalization of $17.87 billion, Walgreens is a significant player in the Consumer Staples Distribution & Retail industry. Despite trading near its 52-week low, Walgreens has demonstrated resilience with a revenue growth of 4.81% over the last twelve months as of Q4 2023, outpacing some of its competitors.

InvestingPro Tips highlight that Walgreens has not only maintained but raised its dividend for an impressive 48 consecutive years, signaling a commitment to returning value to shareholders. This is further underscored by the company's substantial dividend yield of 9.28% as of the latest data, which is particularly attractive for income-focused investors. Moreover, Walgreens is expected to return to profitability this year, according to analyst predictions.

For those considering an investment in Walgreens, it's worth noting that the company's P/E ratio stands at a reasonable 10.12, suggesting that its stock could be undervalued, especially when considering its historical dividend reliability. The InvestingPro subscription, now available at a special Black Friday discount of up to 55%, offers additional insights with more than 13 InvestingPro Tips for a deeper understanding of Walgreens' financial health and future prospects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Walgreens to close most stores on Thanksgiving, maintain 24-hour locations
 

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