By: Joseph Walker
Walgreens Boots Alliance posted a $3 billion quarterly loss, driven largely by tax charges and a write-down on its investment in a Chinese pharmacy chain. Walgreens also gave more detail on the downsizing it first revealed in June, saying it had settled on closing 1,200 stores in the next three years, including about 500 in the next year. Shuttering stores is expected to boost adjusted earnings per share and free cash flow immediately, Walgreens said.