Walgreens is in 'structural decline': Portfolio manager
Walgreens (WBA) shares sink lower Thursday morning after the pharmacy chain missed on fiscal third-quarter earnings and slashed its full-year profit guidance. Walgreens announced plans to even close a "significant" portion of underperforming US store locations. Catalysts brings on Gabelli Funds Portfolio Manager Jeff Jonas to talk more about Walgreens' predicament, strategies it could use to recover, and the challenges the broader industry faces. "It's just in structural decline, and despite new management, despite maybe selling off some non-core assets, I don't really see a turnaround here," Jonas states, making the case for what could change his mind: "Well, I definitely would need to see margin improvement and closing some of those marginally or unprofitable stores could help with that." For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Luke Carberry Mogan.