Walgreens Boots Alliance posted a wider quarterly loss, hit by the costs of closing stores and weaker retail sales, but shares surged after a smaller-than-expected drop in adjusted earnings. Walgreens shares soared more than 28% to$11.

Walgreens Boots Alliance (NASDAQ: WBA), better known as Walgreens, was one of the worst-performing stocks of 2024. Although the S&P 500 index rose by more than 20% for the year, Walgreens dropped by a staggering 64% due to consumer spending headwinds and poor performance from its primary care business efforts.

The company's turnaround plan will continue, and though Walgreens CEO Tim Wentworth said it will take time, he also said "our early progress reinforces our belief in a sustainable, retail pharmacy-led operating model.