Walgreen's Profits Jump 10 Percent
Walgreen's Profits Jump 10 Percent
Walgreen Com. Released its fiscal second-quarter results Tuesday, and its shares suffered their biggest one-day drop since October 2008 as profit margins failed to rise as much as analysts had projected. The nation's largest drugstore chain saw its stock fall as much as 8.4 percent early in Tuesday's session before making some of that loss up later in the day.
Walgreen's net income for the second quarter, it said, rose to 80 cents per share, matching the average projection of economists in a recent Bloomberg poll. The company's gross margin, or the percentage of sales remaining after the cost of goods is deducted, was little changed from the previous quarter at 28.8 percent. A wide range of analysts had projected that margins would expand. There are about 7,700 Walgreen's retail outlets across the nation and the chain reportedly filled one out of every five prescriptions during the most recent quarter.
The Deerfield, Illinois company also said quarterly sales rose 8.9 percent to a total of $18.5 billion. Sales were boosted in the quarter by the company's April acquisition of Duane Reade, a chain of drug and convenience stores in the New York area. Walgreen's net income for the three months ended February 28th rose to $739 million, compared to just $669 million, or 68 cents per share, the year before.
Walgreen Com. Released its fiscal second-quarter results Tuesday, and its shares suffered their biggest one-day drop since October 2008 as profit margins failed to rise as much as analysts had projected. The nation's largest drugstore chain saw its stock fall as much as 8.4 percent early in Tuesday's session before making some of that loss up later in the day.
Walgreen's net income for the second quarter, it said, rose to 80 cents per share, matching the average projection of economists in a recent Bloomberg poll. The company's gross margin, or the percentage of sales remaining after the cost of goods is deducted, was little changed from the previous quarter at 28.8 percent. A wide range of analysts had projected that margins would expand. There are about 7,700 Walgreen's retail outlets across the nation and the chain reportedly filled one out of every five prescriptions during the most recent quarter.
The Deerfield, Illinois company also said quarterly sales rose 8.9 percent to a total of $18.5 billion. Sales were boosted in the quarter by the company's April acquisition of Duane Reade, a chain of drug and convenience stores in the New York area. Walgreen's net income for the three months ended February 28th rose to $739 million, compared to just $669 million, or 68 cents per share, the year before.
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