Walgreens tops Wall Street’s expectations as drugstore chain continues turnaround plan

Walgreens booked a better-than-expected fiscal first quarter, but the drugstore chain lost $265 million as it closed U.S. stores and continued work to revive its business.

The company, beset by shrinking prescription reimbursement, rising costs and other problems, had announced in announced in October a plan to close around 1,200 locations.

Walgreens said Friday that higher costs from that plan were the main factor behind its quarterly loss.

The company didn’t detail how many stores it has closed.