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 Boots Alliance is set to report fiscal first-quarter earnings before the opening bell Friday, as the pharmacy retailer comes off a year in which it was the worst-performing stock in the S&P 500.

Walgreens stock is soaring Friday after the embattled pharmacy chain reported strong earnings and gave an upbeat outlook.