(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's shares, which fell more than 60% in 2024, rose about 8.9% to $10.04 in premarket trading.

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.

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.

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.

(Reporting by Manas Mishra and Sneha S K in Bengaluru; Editing by Sriraj Kalluvila)