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Boots 'Could' Close Over 200 Stores To Cut Costs

Over 200 Boots stores across the UK could reportedly close over the next 12 to 18 months.

The move is in a bid to cut costs but the stores owner Walgreens Boots Alliance Inc, reports BBC.com

The pharmacy-led health and beauty retailer currently operates in the region of 2,500 stores across the UK.

Profit Growth Cut

Walgreens Boots Alliance announced in April earlier this year that it had cut its 2019 profit growth forecast as the drugstore chain struggles with falling generic drug prices in a crowded market.

The company also reported a quarterly profit that missed Wall Street estimates and said macro trends had resulted in the "most difficult quarter" for the company since the merger of Alliance Boots and Walgreen.

The company reduced its adjusted earnings growth forecast for fiscal 2019 from a range of 7% to 12% growth to roughly flat, at constant currency rates.

Cost Cuts 

The group posted a better-than-expected quarterly profit in December last year, and said it would cut costs to save more than $1 billion in three years.

The actions would result in significant restructuring and other charges, the company said.

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