"Walgreens Surpasses Q1 Earnings Forecasts Despite Slashing Dividend, Stock Tumbles"

Walgreens reported a rise in first-quarter sales, beating Wall Street expectations, but the stock fell due to a significant dividend cut announced by new CEO Tim Wentworth. The company is focusing on revamping stores and maintaining its presence in the retail space while exploring healthcare services. Despite the dividend cut, Walgreens is not shifting away from retail stores and is looking to redefine store operations, including paring down assortments and incentivizing store managers based on performance. The international segment, including UK chain Boots, showed strong performance, with all options still on the table for its future.