Walmart is cutting hours at its busy pharmacies, while Rite Aid — which is already selling off stores — is expected to file for bankruptcy protection.
The following article was originally published in the Ohio Capital Journal and published on News5Cleveland.com under a content-sharing agreement.
One Tuesday, Reuters reported that Walmart was trying to reduce costs by asking 16,000 pharmacists to work fewer hours. Earlier this year, the company reduced the hours at 4,500 of its 5,000 pharmacies by two a day, the story said. Also bedeviling the companies might be difficulty competing with e-commerce retailers for front-of-store sales of items such as cosmetics and shampoo.
The declines come after the big pharmacy chains in the 1990s and 2000s made a big bet that they could make money if they “sold everything, seemingly everywhere, at all hours,” as Slate put it last year.For example, CVS bought and closed numerous smaller competitors and moved their prescriptions to its stores. Now it’s been closing its own stores and moving those scripts into its remaining stores, seemingly without adding staff to accommodate the new patients.
In at least some cases, the problem isn’t that the companies owning big chains are losing money, it’s that they’re not making enough to keep Wall Street happy. For example, CVS Health made almost $2 billion in profit in the second quarter of this year, but that was 37% less than a year earlier, CNBC reported.
Meanwhile, Walmart didn’t break out revenue from its pharmacy operation. But overall net income for the second quarter was up 53% over a year earlier, at $7.89 billion.
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