A store is shown in downtown Los Angeles, California.
As it reviews how many stores it needs in the US, drugstore chain Rite Aid said Tuesday it will shutter at least 63 stores.
The company said it will find more shops to close in the next few months.
The goal of the company is to reduce costs, boost profitability and have a healthy foundation. The company said the 63 closures will boost its earnings by 25 million dollars.
On Tuesday, there were mixed results. Although it earned more than expected, its sales were lower than expected. The retailer cut its sales outlook.
The shares of Rite Aid were falling. The stock has dropped 22% so far this year, putting its market cap at nearly $700 million.
There is a list of stores that will be closing by Rite Aid. There are more than 2,400 retail pharmacy locations in the U.S.
Last month, drugstore rival CVS Health said it will close roughly 900 stores over the next three years as it adjusts to shoppers who are buying more online.
Both Walgreens and CVS have been focusing on digital growth and turning their stores into destinations that offer a range of health-care services, from flu shots to diagnostic tests.
Find the full earnings press release here.
