News Column

BRIEF: Walgreen third-quarter profit rises

June 24, 2014

By Peter Frost, Chicago Tribune

June 24--Walgreen Co. on Tuesday said third quarter net income rose 15.7 percent to $722 million, benefiting from a lower tax rate resulting from increased foreign income.

Revenue rose 5.9 percent to $19.4 billion missing Wall Street estimates by $80 million.

The Deerfield-based drugstore chain, the country's largest, said it earned 75 cents a share, up from 65 cents in the same period a year ago.

Adjusted for certain items, earnings per share were 91 cents, missing analysts' estimates by 3 cents.

Sales in stores open at least a year rose 4.8 percent in the quarter, while customer traffic was down 0.7 percent. The average basket size jumped 2.9 percent.

Walgreens stores filled 218 million prescriptions in the quarter, up 4.5 percent over the year-ago period, helping the company to raise its market share to 19 percent, according to IMS Health.

Shares closed Monday at $73.73 but were fell as much 2.5 percent in premarket trading.

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Source: Chicago Tribune (IL)

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