Walgreens Is Exploring Options for Its Boots Business, CEO Says

(Bloomberg) -- Walgreens Boots Alliance Inc. has begun a strategic review of its Boots drugstore business, Chief Executive Officer Rosalind Brewer said Tuesday at the JPMorgan Healthcare Conference. 

Boots is a chain of roughly 2,200 stores in the U.K. that also includes brands such as No7 Beauty Company. The review is in the exploratory stage, Brewer said. However, she expects the process to move quickly. 

Bloomberg reported last month that Walgreens was exploring options for the business, including a sale. Boots is a part of Walgreens’ international segment, which accounted for about 16% of the company’s 2021 revenue.

The review is in line with the company’s move to optimize its portfolio and transform itself into a health-care-focused company, Brewer said Tuesday. It’s the right thing to do for Walgreens’ stakeholders, including employees, patients and shareholders, Brewer said, indicating she plans to share more on the process in the future. 

Shares of Walgreens rose 0.7% as of 3:29 p.m. in New York. 

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