Walgreen’s Profit Up on Higher Sales
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Walgreen Co. said fiscal second-quarter earnings rose 10% as the largest U.S. drugstore chain opened stores and filled more prescriptions.
Net income rose to $326.6 million, or 32 cents a share, matching estimates, while quarterly sales rose 16% to $7.49 billion.
New Chief Executive David Bernauer added 158 stores and sold more medicine at its pharmacies, which generate more than half Walgreen’s revenue. Walgreen has been winning customers from CVS Corp. and Rite Aid Corp., which are struggling to overcome poor service and cash-flow problems.
Shares of the Deerfield, Ill.-based company fell 6 cents to $39.75 on the NYSE.
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