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.

Walgreens was the worst stock in the S&P 500 last year. An analyst writes that it’s still “premature to say that Walgreens is on a stable path to growth” despite upbeat earnings.

Key Takeaways Walgreens shares jumped Friday morning after the retailer recorded better sales and adjusted profits than analysts had expected.Revenue rose from last year, while the company recorded a larger net loss than expected as it starts a turnaround plan that includes closing 1,