We are driving good progress throughout every of our strategic priorities. And we are taking applicable measures to account for the recent macroeconomic challenges and uncertainty. Through the necessary actions mentioned today, we’re pushing more durable toward profitability with a strong sense of urgency, whereas continuing to reimagine native healthcare and wellness for all. We’ve already seen strong outcomes with our at-home testing applications such because the one we carried out last fall with Blue Shield of California to Boots affected person entry to colorectal cancer screenings. Members due for screening had the opportunity to visit Walgreens pharmacy locations throughout the state to pick-up an at-home equipment.
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The firm’s market cap stands at $17.zero billion. I suppose on working capital, should you look again over, I’d say, a 5 yr period, we’ve most likely reduced working capital by $2.5 billion. It’s not as if we haven’t carried out it, but we’re sitting on fairly excessive ranges of stock. We run a entrance of retailer above 90 days, which is on the excessive aspect. And the second part, on pharmacy, we’re above 30 days. And each of these for me personally are quite excessive. We’ve put in place massive initiatives to address those. One is the microfulfillment centers, which successfully will take a fair amount of stock out of the 8,800 shops as we centralize into lower than 20 centers. If we look ahead to the fourth quarter, we’ve received a bunch of headwinds in the fourth quarter.
There has been a steeper drop off in COVID vaccines and testing with the top of the public health emergency. We are additionally experiencing a slower profit ramp for U.S. Thank you for joining us for the Walgreens Boots Alliance earnings call for the third quarter of fiscal 12 months 2023. I’m Tiffany Kanaga, Vice President of Global Investor Relations. Joining me on today’s call are Roz Brewer, our Chief Executive Officer; James Kehoe, our Chief Financial Officer; and Nakliyeci John Driscoll, President of U.S. Healthcare; Rick Gates, Senior Vice President and Chief Pharmacy Officer, Walgreens will take part in Q&A. Defense World members obtain the latest inventory market information and a concise abstract of new analysts’ suggestions in a FREE every day email publication. Under the VPF method, there is not any EPS dilution until the contracts mature. With that, let me now move it back to Roz for her closing comments.
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For example, promotional unit is working up 10% within the retail channel, together with a pointy improve over only a five-week period, whereas non-promotional models fell 8%. Let me add that we see the retail pricing setting as remaining rational. We have also seen some stress on industry script volume excluding COVID, which may be associated to these broader consumer headwinds. Adjusted market development excluding immunizations has slowed virtually 2 proportion factors from February to May. Our core retail pharmacy business is resilient and relatively properly positioned in times of volatile client confidence. However, we’re not immune to these exterior pressures and have trimmed our expectations accordingly, while at the similar time ramping up our efforts round price savings.
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And then to the extent that the incremental pharmacists are employed in our most challenged markets, we’ve been returning stores to their common full operating hours. One of the things that we’re seeing is that the initial incentives work. We’re at the point now the place we’re seeing the limitation of accessible pharmacists. So given Healthcare is the principle driver of progress next 12 months, what do you think is the largest risk embedded within that guidance? And then secondly, you commented in your prepared remarks that scripts were lower than expectations. Can you simply decipher what’s pushed by maybe market weakness versus market share weak point versus maybe pharmacy hours now coming back to what your — what were in your expectations? Capital allocation priorities stay centered on core business investments, debt pay down and our dividend.
And these 500 reductions have been accomplished within the space of about four months and the savings are in extra of $100 million. So we’re transferring at pace to address the challenges and really going after the cost envelope. Over the previous few months, we’ve slowed the pace of clinic openings in new markets. As we’ve studied their efficiency, we’ve refocused our progress plans to leverage regional density to support more worthwhile progress. To obtain our strategic aims of better engagement and Nakliyeci lower value of care in a more value effective manner, we are launching new digital and asset-light models.
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