April 8 (Reuters) - Walgreens, which is in the

process of being taken private by Sycamore Partners, beat Wall

Street estimates for quarterly profit as the pharmacy chain

operator benefited from a turnaround effort that included

closing underperforming stores.

On an adjusted basis, Walgreens earned 63 cents per share in

the second quarter, compared with the average analyst estimate

of 53 cents, according to data compiled by LSEG.

The company said on Tuesday it is withdrawing its fiscal

2025 forecast, pending the deal close.

Walgreens in March agreed to be taken private by PE firm

Sycamore Partners for $10 billion, closing out nearly a century

of trading on public markets for the U.S. pharmacy giant. The

company expects the transaction to close in the fourth quarter

of this year.

Sycamore specializes in retail and consumer investments, and

has a track record of acquiring distressed retailers for profit

including brands such as Staples, Talbots and Nine West.

Walgreens' retail business has struggled with

inflation-driven weakness in consumer spending and its pharmacy

operation has faced low reimbursement rates for filing

prescriptions.

Its U.S. retail pharmacy unit reported sales of $30.38

billion for the quarter ended February 28, beating estimates of

$29.67 billion.

The pharmacy retailer appointed healthcare industry veteran

Tim Wentworth as CEO in 2023 after former top boss Rosalind

Brewer abruptly stepped down.

Since taking on the reins, Wentworth unveiled a series of

changes including the removal of multiple mid-level executives,

a $1 billion cost-cutting exercise and plans to close 1,200

stores.