Walgreens
Walgreens Boots Alliance, Inc. (WBA) is an American multinational holding company headquartered in Deerfield, Illinois, that operates as an integrated healthcare, pharmacy, and retail organization with approximately 12,500 locations across eight countries, including over 8,500 Walgreens stores in the United States and Puerto Rico.[1][2]
The Walgreens retail pharmacy chain traces its origins to 1901, when Charles R. Walgreen Sr. purchased a drugstore in Chicago, Illinois, and subsequently expanded through innovations like the invention of the malted milkshake in 1922, the opening of the first drive-thru pharmacy in 1991, and acquisitions such as Duane Reade in 2010 and select Rite Aid stores in 2017.[3][4]
WBA was formed in 2014 via the combination of Walgreens and Alliance Boots, establishing it as one of the world's largest pharmacy-led health and wellbeing enterprises, employing around 311,000 team members and serving millions of customers daily with prescription dispensing, immunizations, health screenings, and consumer goods.[3][1]
Notable achievements include pioneering customer-focused features that drove rapid growth to over 1,000 stores by 1984 and public listing on the New York Stock Exchange in 1934, alongside contributions to public health through widespread vaccination programs.[3][5]
However, the company has encountered significant challenges, including a $3 billion quarterly loss reported in 2024, plans to close about 1,200 underperforming U.S. stores by 2027 due to profitability issues and market competition, and legal settlements such as a $106.8 million resolution in 2024 for alleged improper government healthcare billing.[6][7]
History
Founding and Early Expansion (1901–1940s)
Charles R. Walgreen Sr., a pharmacist born to Swedish immigrants, acquired the Chicago drugstore at which he had been employed on the city's South Side in 1901, establishing the foundation of the company. Located in a residential neighborhood, the single outlet initially focused on traditional pharmacy services, including compounding prescriptions and selling sundries. In 1909, Walgreen formally incorporated the business as Walgreen Co., enabling structured operations amid growing demand for reliable drug retail.[8][4] Early expansion remained concentrated in Chicago, with the company reaching four stores by 1913, the fifth opening in 1915, and the ninth in 1916. By 1920, Walgreens operated 20 locations, primarily serving local communities through personalized service and fresh soda fountains that became a customer draw. The 1920s marked accelerated growth, including the 1921 opening of the first downtown Chicago store outside residential areas, signaling a shift toward higher-traffic sites; by the mid-decade, the chain had 44 outlets generating combined annual sales of $1.2 million. In 1929, Walgreen Sr. introduced the agency store model, partnering with independent pharmacies in smaller towns to extend brand reach without full ownership, which supported affiliation with over 100 such outlets initially.[8][4] The 1930s saw nationwide proliferation, with Walgreens entering 30 states and operating 601 stores by 1934, bolstered by private-label products sold to non-company pharmacies for additional revenue. Economic pressures from the Great Depression prompted operational efficiencies, yet the chain sustained expansion through diversified offerings like milkshakes and ice cream sodas. Charles R. Walgreen Sr. died in 1939, after which his son, Charles R. Walgreen Jr., assumed leadership, guiding the company into the 1940s amid World War II-era constraints on supplies and labor while maintaining growth trajectories.[9][4]Post-War Growth and Innovation (1950s–1990s)
Following World War II, Walgreens transitioned to self-service merchandising, opening its first self-service store in Chicago in June 1952, which allowed customers to browse products independently rather than relying on clerks.[10] By 1953, the company operated 22 self-service stores, positioning it as an industry leader in this format that reduced labor costs and increased efficiency.[11] This shift supported steady growth, with store count rising modestly from 410 in 1950 to 451 in 1960, while sales doubled from $163 million to $312 million over the decade, driven by higher transaction volumes and suburban expansion.[10] In the 1960s, Walgreens experimented with diversification by acquiring three Globe discount department stores in 1962, expanding to 13 by 1966 before closing them all by 1973 due to unprofitability, refocusing on core pharmacy and retail operations.[11] The company entered Puerto Rico in 1960, marking its first international territory, and in 1968 became the first major U.S. drug chain to implement child-resistant prescription containers ahead of federal mandates.[10] Soda fountains, once a hallmark, were phased out as consumer preferences shifted away from in-store dining.[11] The 1970s accelerated expansion, with sales surpassing $1 billion in 1975—the first for any U.S. drugstore chain—and reaching $1.34 billion by 1979 alongside 688 stores.[10] That year, Walgreens relocated its headquarters to Deerfield, Illinois, to support administrative scaling.[10] Growth emphasized owned stores in dense urban and suburban markets, avoiding broad franchising unlike some competitors. Into the 1980s, acquisitions bolstered footprint: 21 Kroger SuperX stores in 1981 and 66 Medi-Mart outlets in New England in 1986.[11] The 1,000th store opened in 1984, and early pharmacy computers were installed starting in Iowa that year, enhancing prescription processing and inventory tracking.[10] By 1989, stores numbered 1,484, reflecting a strategy of selective market penetration in high-traffic areas. The 1990s marked explosive growth, with the 2,000th store in 1994 and over 2,200 by 1997, targeting 3,000 by 2000 through entries into markets like Dallas-Fort Worth, Detroit, and Philadelphia.[10] Innovations included the first freestanding store in Indianapolis in 1991, drive-through pharmacies in 1992, and the Healthcare Plus mail-order service that year.[11] The SIMS inventory system rolled out in 1994 for real-time supply chain management, while sales hit $11.78 billion in 1996.[10] In 1997, Intercom Plus enabled remote prescription refills, and a joint venture launched RX Network in Japan; by 1999, an online pharmacy debuted, anticipating e-commerce integration.[10] This era's emphasis on technology and convenient formats—freestanding units over strip-mall leases—differentiated Walgreens, prioritizing customer accessibility and operational efficiency.[10]21st Century Transformations (2000s–2010s)
In the early 2000s, Walgreens pursued an aggressive domestic expansion strategy known as the "7 by 10" plan, aiming to grow to 7,000 stores by fiscal year 2010 through annual openings of approximately 400 to 550 new locations, supported by capital expenditures exceeding $1 billion annually in some years.[12][13] This approach capitalized on increasing demand for convenient retail pharmacy services, resulting in the company surpassing 3,000 stores by 2000 and reaching over 7,700 by 2010, with a focus on underserved suburban and urban markets.[8] The strategy emphasized drive-thru pharmacies and 24-hour operations to differentiate from competitors, driving revenue growth from pharmacy sales, which accounted for the majority of earnings.[4] By the late 2000s and early 2010s, Walgreens shifted toward consolidation through targeted acquisitions to bolster market share in key regions. In 2010, it acquired the 257-store Duane Reade chain in the New York City metropolitan area for $1.075 billion, including debt, enhancing its urban footprint in a high-density, competitive market while retaining the Duane Reade brand for local recognition.[14][15] Subsequent deals included the 2011 purchases of online retailers drugstore.com and Beauty.com to enter e-commerce, and regional chains such as USA*Drug in 2012 and Kerr Drug in 2013, adding over 200 stores primarily in the Southeast.[8][16] These moves diversified revenue streams beyond physical expansion amid rising competition from big-box retailers and mail-order pharmacies. A pivotal transformation occurred with Walgreens' international pivot, beginning in 2012 with the $6.7 billion acquisition of a 45% stake in Alliance Boots, Europe's largest pharmacy-led health and beauty retailer, establishing a foundation for global operations.[17] This culminated in 2014 with the $15.9 billion purchase of the remaining 55% stake, forming Walgreens Boots Alliance on December 31 and creating the world's first global pharmacy-led health and wellbeing enterprise with over 13,000 stores across multiple continents.[18][19] The merger integrated Boots' European expertise in front-of-pharmacy retail with Walgreens' U.S. pharmacy dominance, aiming to leverage scale for supply chain efficiencies and cross-border product development, though it introduced challenges in integrating disparate operations.[3] Parallel to geographic expansion, Walgreens explored healthcare innovations, notably partnering with Theranos in 2013 to deploy in-store blood-testing centers using finger-prick technology, investing $140 million with plans for nationwide rollout to enhance preventive care access.[20] The initiative launched in select Arizona Walgreens locations but was terminated in 2016 following revelations of Theranos' inaccurate testing claims and regulatory scrutiny, leading Walgreens to sue for fraud and misrepresentation.[21][22] Concurrently, domestic efforts included the 2010 launch of the Optimal Wellness program for chronic disease management and a $100 million "Way to Well" commitment in 2011 for community health screenings, signaling an early pivot toward integrated pharmacy-health services amid evolving reimbursement models.[23][24]Recent Developments and Restructuring (2020s)
In October 2024, Walgreens Boots Alliance announced a footprint optimization program to close approximately 1,200 underperforming U.S. stores over the next three years, with about 500 closures targeted for fiscal year 2025 ending September 2025.[25][26] This initiative built on prior efforts, including 300 previously approved closures, amid declining front-of-store sales and pharmacy reimbursement pressures that contributed to $11.7 billion in losses for fiscal years 2023 and 2024.[27] By early 2025, the company had shuttered 70 stores in the first fiscal quarter and planned further reductions to streamline operations and cut costs.[28] Financial strains intensified with a $2.85 billion net loss in the second quarter of fiscal 2025, driven by a substantial impairment charge on its VillageMD investment and broader operational inefficiencies.[29] These challenges, compounded by $12 billion in debt from past acquisitions and strategic missteps like the failed expansion into primary care, prompted aggressive restructuring to reduce leverage and refocus core pharmacy and retail segments.[27] To facilitate deeper operational changes away from public market pressures, Walgreens entered an agreement to be acquired by private equity firm Sycamore Partners, with shareholders approving the transaction on July 11, 2025, and completion occurring on August 28, 2025, at $11.45 per share in cash plus potential additional value up to $3.00 per share from monetizing stakes in VillageMD and other assets.[30] The deal included debt tender offers to restructure obligations, aiming to stabilize credit quality and enable targeted investments.[31] Immediately post-acquisition, Sycamore reorganized Walgreens Boots Alliance into five independent entities—Walgreens retail pharmacies, The Boots Group, Shields Health Solutions, CareCentrix, and VillageMD—each operating under private ownership to pursue specialized strategies, potential divestitures, or efficiency gains tailored to their markets.[30] This separation addressed longstanding integration issues from prior mergers, such as the 2012 Alliance Boots combination, and positioned segments for standalone evolution amid competitive retail pharmacy dynamics.[27]Business Model and Operations
Store Format and Retail Strategy
Walgreens primarily operates neighborhood drugstores designed for convenience, with typical locations averaging 13,500 square feet and featuring drive-thru pharmacies, 24-hour operations in select urban areas, and a mix of pharmacy services alongside front-end retail for health, beauty, and convenience items.[32] These stores emphasize accessibility through prime corner locations and proximity to residential areas, supporting quick-service models that integrate prescription fulfillment with everyday essentials.[33] Since 2019, Walgreens has piloted smaller-format stores, roughly 20-25% the size of traditional ones (approximately 3,000-3,500 square feet), which prioritize pharmacy consultations and personalized care over extensive retail inventory, stocking fewer over-the-counter items and emphasizing pharmacist-patient relationships to address "pharmacy deserts" in underserved areas.[34][35] By 2020, the company had tested around 30 such prototypes, internally codenamed "Cooper," with layouts reducing front-end space to enhance clinical focus and operational efficiency.[36] Recent iterations include redesigned stores with only two visible aisles for essentials like vitamins and personal care, keeping most products in secure backroom storage to combat shrinkage from theft, though such measures have occasionally deterred impulse buys and impacted sales.[37][38] The retail strategy has shifted toward footprint optimization amid competitive pressures from e-commerce, big-box retailers, and rising operational costs, including a 2024 announcement to close 1,200 underperforming U.S. stores over three years—approximately 500 in fiscal 2025 alone—to redirect resources to higher-margin pharmacy and healthcare services.[39][40] This "shrink-to-core" approach targets retaining and upgrading stores in productive locations while expanding small-format pilots, which by 2025 emphasize medication-centric designs over broad retail assortments, reflecting a pivot from expansive growth to disciplined cost controls and core competency reinforcement.[41][42] In fiscal 2025's first quarter, Walgreens closed 67 stores as part of this initiative, with remaining locations outperforming closures in sales metrics.[43][38] ![The interior of a Walgreens pharmacy in Murphy, North Carolina, United States 03.jpg][float-right]Pharmacy Services and Healthcare Integration
Walgreens operates approximately 8,500 stores in the United States, each providing core pharmacy services including prescription filling, refills, transfers, and status management through online and in-store platforms.[44] Pharmacists offer consultations, medication therapy management, and compounding for customized prescriptions, available at all locations for basic needs and specialized facilities for complex or hazardous drugs.[45] The company also maintains a specialty pharmacy division focused on rare diseases and chronic conditions, serving millions of patients with tailored care, financial assistance, and therapy adherence support.[46][47] Immunization services form a key component, with Walgreens administering vaccines for influenza, COVID-19, shingles, pneumococcal disease, Tdap, and others via scheduled appointments or walk-ins, often combining multiple shots in one visit.[48][49] In preparation for the 2025 influenza season, Walgreens expanded staffing with additional technician hours, contract immunizers, and operational adjustments to handle increased demand.[50] During the COVID-19 pandemic, the chain played a significant role in vaccine distribution, continuing to offer boosters and pediatric doses as availability permitted.[51] Healthcare integration extends beyond traditional pharmacy through in-store Healthcare Clinics, providing treatment for minor illnesses, physical exams, health screenings, and basic lab tests by nurse practitioners and physician assistants.[52][53] Virtual healthcare options allow online consultations for diagnoses and prescriptions, enhancing accessibility without in-person visits.[54] In April 2024, Walgreens launched gene and cell therapy services within its specialty pharmacy to address advanced treatments for complex conditions.[55] A major push into primary care came via investments in VillageMD, with Walgreens committing $5.2 billion in 2021 for a majority stake to develop value-based care models integrated with pharmacy services.[56] Initial plans targeted 500 to 700 Village Medical at Walgreens clinics across 30 markets by 2025, co-locating physician-led practices in or near stores for coordinated care in chronic disease management and preventive services.[57][58] This included expansions like 22 Arizona sites in 2022, aiming to create jobs and improve patient outcomes through digital integration.[59] However, financial pressures led to clinic closures in 2024 and considerations of selling the stake, reflecting broader challenges in scaling healthcare amid high costs and reimbursement hurdles.[60][61][62] Despite setbacks, the strategy underscores efforts to evolve from retail pharmacy to comprehensive health providers, leveraging store footprints for accessible care.[63]Supply Chain and Technology Adoption
Walgreens Boots Alliance (WBA) maintains a centralized supply chain infrastructure comprising multiple distribution centers across the United States, designed to streamline logistics from suppliers to its approximately 8,000 retail locations. These facilities handle inbound freight consolidation, outbound store replenishment, and specialized handling for pharmaceuticals and perishable goods, with strategic placements in regions like Florida (e.g., Orlando and West Palm Beach) to optimize regional delivery efficiency.[64][65][66] In response to rising demand for faster prescription fulfillment, WBA has expanded its network of micro-fulfillment centers (MFCs), automated facilities that process and dispense medications for nearby stores. As of January 2025, WBA planned to scale MFC-serviced stores from existing levels to nearly 6,000 within the following year, leveraging robotics and automation to reduce processing times and labor dependencies. The twelfth MFC opened in Brooklyn Park, Minnesota, in June 2025, exemplifying this shift toward localized, high-volume automation integrated with store operations.[67][68] WBA's sourcing strategy emphasizes transparency and standardization, evidenced by its June 2024 partnership with TradeBeyond to deploy a unified platform across global operations. This initiative aims to accelerate product onboarding, enhance supplier risk monitoring, and unify procurement processes for brands like Walgreens and Boots, addressing fragmentation in a multinational supply base. Complementing this, WBA's Supplier Sustainability Program evaluates vendors on category-specific metrics via an online system, prioritizing ethical and environmental compliance without compromising operational speed.[69][70][71] Technology adoption has been pivotal in modernizing WBA's supply chain, with investments in digital twins and AI-driven platforms for real-time visibility and predictive analytics. Collaborations, such as with Palantir, enable unification of disparate data sources to model supply chain scenarios, optimizing inventory flows and reducing disruptions in retail operations. Pharmacy-specific innovations include expanded robotic prescription-filling systems, which automate dispensing to handle peak volumes efficiently, as part of broader efforts to integrate automation across fulfillment.[72][73] WBA's overarching digital transformation, accelerated since 2020, underpins these advancements through a unified IT model focused on cloud migration (e.g., to Microsoft Azure) and automation of service delivery. This includes AI for demand forecasting and machine learning for logistics optimization, supporting omni-channel demands amid e-commerce growth. A dedicated innovation center launched in August 2025 further embeds AI and data science into core systems, targeting enterprise-wide efficiency in sourcing and distribution.[74][75][76]Products and Brands
Owned Brands and Private Labels
Walgreens maintains an extensive portfolio of private label products under owned brands, emphasizing affordability, quality control, and exclusivity to differentiate from national brands. The core Walgreens Brand spans categories including over-the-counter medicines, vitamins, supplements, personal care items, beauty products, and household essentials, with a satisfaction guarantee on select items.[77][78] The Nice! brand targets grocery and snack offerings, formulated without artificial flavors, sweeteners, or synthetic dyes to appeal to value-conscious consumers seeking everyday essentials like candy, nuts, seeds, and beverages. In July 2024, Walgreens introduced the Nice! For You sub-line as a health-focused extension, comprising more than 150 SKUs in snacks, baking mixes, and grocery staples such as jerky, oatmeal, and trail mixes, positioned to support wellness goals at lower price points.[79][80][81] Household and cleaning products fall under the Complete Home brand, launched in May 2019 to include paper goods, plastics, and cleaners as part of a broader private label refresh aimed at enhancing competitiveness through simplified assortments and improved packaging. In September 2024, Walgreens debuted a premium private label skincare collection with nine items—all priced below $23—including facial creams, lip masks, and sunscreens, targeting accessible luxury in the beauty segment.[82][83][84] Private label development traces to the 1930s, when Walgreens expanded to over 1,000 proprietary items ranging from coffee to cod liver oil, establishing an early focus on in-house manufacturing and sourcing for cost efficiency and customer loyalty. These brands collectively contribute to Walgreens' strategy of driving store traffic and margins by offering comparable quality to name brands at reduced prices, with ongoing innovations in formulation and tiering to address evolving consumer preferences for health and sustainability.[85][86]Partnerships and Third-Party Offerings
Walgreens has pursued strategic partnerships to enhance its service portfolio, particularly in healthcare innovation and patient access, though some initiatives have encountered significant setbacks. A prominent example was the 2013 collaboration with Theranos, Inc., announced on September 9, which aimed to integrate advanced blood-testing services using finger-prick samples into Walgreens stores, starting with wellness centers in Arizona locations. Walgreens invested $50 million in the venture, viewing it as a means to offer convenient, low-volume lab testing to customers. However, regulatory scrutiny and disclosures of inaccurate results from Theranos' technology led Walgreens to suspend operations in early 2016 and formally terminate the partnership on June 13, 2016, followed by arbitration that resulted in a confidential settlement.[20][87][21] In primary care expansion, Walgreens formed an initial partnership with VillageMD in 2020 to co-locate physician-led clinics within stores, evolving into a $5.2 billion investment for majority ownership announced October 14, 2021, with plans to open 500–700 sites across 30 U.S. markets by 2025. This aimed to integrate value-based care models, leveraging Walgreens' retail footprint for comprehensive health services. By 2024, however, operational challenges and market pressures prompted Walgreens to record a $6 billion impairment charge on its VillageMD stake in the fiscal second quarter, alongside closing 160 clinics and exploring a potential full sale of its interest as of August 2024.[56][88][60] Recent healthcare partnerships emphasize clinical research and data-driven care. On August 19, 2024, Walgreens entered a first-of-its-kind agreement with the Biomedical Advanced Research and Development Authority (BARDA) to improve decentralized clinical trial access, addressing barriers in patient recruitment and trial execution through its pharmacy network. Similarly, a September 12, 2023, partnership with Pearl Health seeks to advance value-based primary care delivery by enabling provider enablement tools for Medicare patients. In October 2024, Walgreens allied with Veeva Systems to assist life sciences firms in enhancing patient outcomes via commercial data and analytics platforms. A collaboration with Sanofi, highlighted in September 2025, focuses on vaccine clinical trials targeting underserved communities, potentially reaching 4.3 million patients.[89][90][91] For third-party offerings, Walgreens facilitates access to external services and products through integrated platforms. Its Rx Savings Finder tool connects customers to third-party prescription discount coupons, applicable at pharmacies for uninsured or underinsured individuals. Delivery partnerships include DoorDash, launched in September 2020 for 30-minute non-prescription item fulfillment and expanded April 24, 2024, to accept SNAP/EBT payments directly via the app, marking the first such integration for a delivery platform with Walgreens. A prior tie-up with Postmates (now Uber Eats) similarly enables on-demand delivery of groceries, personal care, and snacks. In July 2018, Walgreens debuted a digital marketplace aggregating telehealth and specialist services from 17 third-party providers, encompassing behavioral health, optometry, dermatology, and lab diagnostics to broaden virtual care options.[92][93][94][95]Financial Performance
Historical Revenue and Profit Trends
Walgreens' revenue expanded significantly from fiscal 2000 to 2014, rising from $21.99 billion to $77.61 billion, primarily through aggressive domestic store openings—reaching over 8,000 locations by 2014—and growth in pharmacy and front-end sales.[96] The 2014 completion of the Alliance Boots acquisition, following a 2007 joint venture and 2012 stake purchase, propelled revenue to $112.92 billion in fiscal 2015, incorporating international pharmacy operations in Europe.[96] Subsequent years saw revenue climb to a peak of $137.41 billion in 2019, supported by pharmacy benefit management via Walgreens Health and wellness initiatives, before stabilizing around $132–147 billion amid slower organic growth and macroeconomic pressures.[96] By fiscal 2024, revenue reached $147.66 billion, reflecting modest 6.17% year-over-year growth but challenged by retail competition from e-commerce and big-box retailers.[97] Profitability, measured by pretax income, mirrored revenue expansion in the 2000s and early 2010s, increasing from $1.27 billion in fiscal 2000 to $4.50 billion in 2013, driven by operational efficiencies and higher-margin pharmacy reimbursements.[98] Post-merger, pretax income peaked at $6.83 billion in 2018, benefiting from synergies such as shared supply chains and Boots' UK market dominance, though integration costs and currency fluctuations tempered gains.[98] From 2020 onward, profitability eroded sharply, with pretax losses exceeding $13.9 billion in fiscal 2024, attributable to non-cash goodwill impairments on healthcare assets like VillageMD (over $6 billion in charges), opioid-related settlements totaling billions, and rising operational costs from labor and shrinkage.[98][99] Net income trends aligned closely, turning negative at -$3.08 billion in 2023 and -$8.64 billion in 2024, underscoring structural pressures from declining retail margins (below 30% gross) and unprofitable expansions into primary care clinics.[100]| Fiscal Year | Revenue ($B) | Pretax Income ($M) | Key Factors |
|---|---|---|---|
| 2000 | 21.99 | 1,270 | Baseline expansion phase[96][98] |
| 2005 | 43.21 | 2,480 | Store count surpasses 5,000[96][98] |
| 2010 | 68.40 | 3,600 | Pharmacy sales dominance[96][98] |
| 2014 | 77.61 | 3,750 | Pre-merger peak[96][98] |
| 2015 | 112.92 | 6,070 | Alliance Boots full integration[96][98] |
| 2019 | 137.41 | 4,850 | Healthcare services growth[96][98] |
| 2020 | 121.98 | -330 | COVID-19 disruptions[100][98] |
| 2024 | 147.66 | -13,900 | Impairments and settlements[100][98][97] |
Key Metrics and Recent Fiscal Results (2020–2025)
Walgreens Boots Alliance (WBA) experienced volatile financial performance from fiscal 2020 to 2024, with revenue fluctuating due to COVID-19-related pharmacy demand in early years, followed by normalization, inflationary pressures, and strategic shifts toward healthcare services. Net income swung from losses in FY2020—driven by opioid litigation charges and goodwill impairments—to profits in FY2021 and FY2022, before deteriorating into substantial losses in FY2023 and FY2024 amid asset write-downs, restructuring expenses, and declining retail margins. Adjusted metrics, excluding one-time items, showed more resilience, with adjusted earnings per share (EPS) remaining positive through FY2024 despite headline losses.[25][101] Key fiscal results are summarized below, based on WBA's annual reports (fiscal year ends August 31). Revenue grew overall from $139.1 billion in FY2020 to $147.7 billion in FY2024, reflecting a compound annual growth rate of approximately 1.5%, bolstered by U.S. pharmacy sales and international operations, though offset by store closures and soft front-end retail. Operating income faced headwinds from labor costs, supply chain disruptions, and investments in VillageMD healthcare clinics, culminating in adjusted operating income of $3.0 billion in FY2024, down from prior years.[102][25][101]| Fiscal Year | Revenue ($ billions) | Net Income/Loss ($ billions) | Diluted EPS ($) | Adjusted EPS ($) | Approx. Global Stores |
|---|---|---|---|---|---|
| 2020 | 139.1 | -2.0 | -2.30 | 3.48 | 18,000+ (peak pre-closures) |
| 2021 | 132.7 | 4.4 | 4.84 | 4.67 | ~13,500 |
| 2022 | 132.7 | 4.3 | 4.70 | 5.04 | ~13,400 |
| 2023 | 139.1 | -3.0 | -3.58 | 3.22 | ~13,300 |
| 2024 | 147.7 | -8.6 | -10.01 | 2.88 | 12,700 |