It’s a nonsense excuse I think. They have other problems they don’t want to mention.
For example, competition is one. Years ago, in Chicago, you had 2 options for drugstores: Walgreens and Osco, and Oscos were only add-ons to Jewel supermarkets. So Walgreens had no stand-alone competition. And Jewel closed most (maybe all) of the Oscos a while back.
But now CVS and I’m sure a few others have entered the market and Walgreens has real competition.
Then there is the retail theft epidemic they don’t want to talk about. And the sales hits they are taking from online shopping, and even online prescription services.
But why tell your investors your business is dying for reasons nobody can control, when you can just say “COVID!”
Osco used to be one of my favorite stores ... of course, that was nearly a half century ago ...