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Walgreen Reports 68% Jump in Fiscal Q1 Profit

Fri, 12/20/2013 - 8:29am
The Associated Press

Walgreen says its fiscal first quarter earnings soared 68 per cent, helped in part by investments that the nation's largest drugstore chain has made in other companies.

Walgreen Co. says its results were helped by its stakes in European health and beauty retailer Alliance Boots and pharmaceutical wholesaler AmerisourceBergen Corp.

The Deerfield, Ill., company earned $695 million, or 72 cents per share, in the three-month period that ended in November. That compares to net income of $413 million, or 43 cents per share a year ago.

Walgreen's revenue climbed 6 per cent to $18.33 billion.

Adjusted earnings totalled 72 cents per share, excluding one-time items.

Analysts forecast earnings of 72 cents per share on $18.36 billion in revenue.

Walgreen shares are up nearly 2 per cent to $58 in premarket trading.

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