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Shares of Walgreens Boots Alliance ( WBA ) rose Friday morning after the pharmacy retailer reported first-quarter results that included better revenue and adjusted profits than analysts had expected .

The retailer recorded $39.46 billion in revenue for the quarter, well above the $36.71 billion it recorded the same time last year and the $37.33 billion analyst consensus compiled by Visible Alpha. Walgreens posted a $265 million net loss , below the small profit analysts expected, but the company's adjusted earnings beat projections.

After adjusting for the cost of various one-time charges like store closures and the changing value of some of its investments, Walgreens recorded an adjusted net income of $440 million, or 51 cents per share, well above the $329.34 million and 38 cents per share analysts had expected.

In its fourth quarter report, Walgreens announced a plan to close roughly 1,200 "underperforming" stores over the next three years, including 500 in this fiscal year. The company did not disclose in Friday's earnings report how many stores it closed in the first quarter.

“While our turnaround will take time, our early progress reinforces our belief in a sustainable, retail pharmacy-led operating model," Walgreens CEO Tim Wentworth said Friday.

Walgreens shares were up more than 14% Friday to $10.58 after the pharmacy was the worst-performing stock in the S&P 500 in 2024, with shares hitting their lowest price in decades .

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