Jan 10 (Reuters) - Walgreens Boots Alliance ( WBA ) beat

analysts' lowered expectations for first-quarter profit and

maintained its annual forecast on Friday, as the healthcare

company benefits from CEO Tim Wentworth's efforts to turn around

its business.

The company, which operates the second-biggest pharmacy

chain in the U.S. and Boots stores in the UK, has launched

multiple rounds of store closures to its improve its profit and

cash position.

"While our turnaround will take time, our early progress

reinforces our belief in a sustainable, retail pharmacy-led

operating model," Tim Wentworth said in a statement.

On a reported basis, the company posted a loss of 31 cents

per share, versus 8 cents a year ago, due to costs related to

its store closures and other one-time charges.

Excluding those items, Walgreens reported earnings of 51

cents per share for the quarter, compared with analysts' average

estimate of 37 cents, according to data compiled by LSEG.

The company reiterated its 2025 adjusted profit forecast of

$1.40 to $1.80 per share.

Walgreens' U.S. retail pharmacy unit posted sales of $30.9

billion for the quarter ended Nov. 30, above analysts' average

estimate of $29.10 billion.

Investors have fled Walgreens as profits came under pressure

from persistently low drug reimbursement rates and consumers

avoiding high-priced grocery items. Shares of the Deerfield,

Illinois-based company fell 64% in 2024.

In response, the company has unveiled a $1 billion

cost-cutting program, as well as plans to close more than 1,200

stores over the next three years and remove multiple mid-level

executives. It has also steadily sold its stake in drug

distributor Cencora ( COR ).

Media outlets, including the Wall Street Journal and

Reuters, in December reported that Walgreens was looking to sell

itself to private equity firm Sycamore Partners and had also

reached out to other potential buyers. The company has declined

to comment on the reports.