Under pressure to bolster its results, Walgreens Boots Alliance is cutting its next dividend by 48%, to 25 cents a share – a big move for a company that has been known for generous dividends and has paid them for more than 90 years.

The pharmacy giant narrowed its net loss in the fiscal 2024 first quarter, which ended November 30, posting results on Thursday that, on an adjusted basis, slightly beat Wall Street analysts’ expectations.

The new dividend, to be paid in March, is an early sign that new CEO Tim Wentworth is willing to shake things up. Wentworth said in a statement the cut “reinforces our goal of increasing cash flow, while freeing up capital to invest in sustainable growth initiatives.”

Still, the company signaled it’s not looking to get rid of its dividend. Executive Chairman Stefano Pessina said the company’s board “continues to view the dividend as a key component to overall attractiveness of WBA to many of our shareholders.” The last quarterly dividend, paid in December, was 48 cents a share.

In a release, Wentworth hinted that more changes may be to come. “We are evaluating all strategic options to drive sustainable long-term shareholder value, focusing on swift actions to right-size costs and increase cash flow, with a balanced approach to capital allocation priorities,” he said.

For the quarter, Walgreens posted a loss of $67 million, compared to $3.7 billion a year earlier, when it took a charge tied to settling opioid-related litigation.

On an adjusted basis, the company’s earnings per share beat analysts’ consensus estimates, which came after detailed guidance on factors likely to affect results, including a smaller earnings contribution from Covid-19 and a milder cough, cold and flu season.

Walgreens said it wasn’t changing its 2024 earnings guidance.