Walgreens is closing 150 stores in the U.S. this year and will continue to cut hours at its stores, on top of having already curtailed hours at 500 stores in the third quarter.

To date, 1,100 Walgreens have shorter hours, TheStreet.com reported.

CEO Rosalind Brewer told analysts on the Tuesday earnings call “a more uncertain and challenging economic environment” has prompted Walgreens to increase its target savings this year to $4.1 billion, up from a previous target of $3.5 billion.

“Similar to other retailers, we've been impacted by the rapid softening of the macro environment and a more cautious and value-driven consumer,” Brewer said.

There’s a “robust pipeline of additional opportunities” to cut back, the company added.

Consumers can expect far more Walgreens stores to close, then, as well as lay off additional corporate workers and cut back on store and pharmacy hours, since it has nearly 9,000 outlets in the U.S., of which only 12% have seen their hours cut.

In other words, Walgreens—which sells everyday necessities that are presumably inflation-resistant—is warning that the economy is potentially weaker than what other retailers, including Target, Best Buy and Macy’s, have reported.

As TheStreet puts it: “Walgreens’ take on consumer demand should alarm retailers that no one is safe from an economic slowdown that might cut deeper than people expected.”

Walgreens significantly reduced its profit guidance due to fewer COVID-19 vaccines and testing. This is understandable since the Biden administration ended the nation’s emergency response to the coronavirus pandemic in April.

Moreover, instead of using shareholder cash to expand, the drug store chain said it will repurchase shares and boost its dividend.