Walgreen Earnings Show Healthy Growth
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Walgreen Co. said profit rose 15% in its fiscal first quarter on strong pharmacy sales and competitive pricing of items such as vitamins and skin-care goods that helped it lure customers from rivals in a sluggish retailing environment.
The nation’s leading drugstore chain also said it’s on track to add 475 new stores this year, continuing an aggressive expansion plan.
Walgreen’s earnings grew to $182.5 million, or 18 cents a share, a penny better than analysts’ expectations, excluding a one-time gain of $5.5 million for the final payment of Walgreen’s share of the brand-name prescription drug antitrust settlement. The Deerfield, Ill.-based retailer’s revenue grew 17% to $6.6 billion. Sales at stores open at least a year jumped 10.7%, Walgreen said, adding that pharmacy sales, which accounted for 60% of total sales, rose 21.6%.
Walgreen shares rose $1.33 to $34.41 on the New York Stock Exchange.
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