The long-struggling chain reported better-than-expected revenue for its Q1 2025, although operating losses grew as it plans to shutter over a thousand locations. Shares in Walgreens Boots Alliance, Inc.

Walgreens Boots Alliance posted a wider quarterly loss, hit by the costs of closing stores and weaker retail sales, but shares surged after a smaller-than-expected drop in adjusted earnings. Walgreens shares soared more than 28% to$11.

However, shareholders finally got a reason to smile when the company reported its latest results. Walgreens beat expectations on both the top and bottom lines for its fiscal 2025 first quarter, and shares spiked higher as a result. As of 12:52 p.m. ET Friday, Walgreens stock was up by about 26%.

The company's turnaround plan will continue, and though Walgreens CEO Tim Wentworth said it will take time, he also said "our early progress reinforces our belief in a sustainable, retail pharmacy-led operating model.