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Walgreen's quarterly net up on sales gain
Source: Agencies |
September 28, 2011, Wednesday
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WALGREEN Co, the largest United States drugstore chain, posted a higher quarterly profit yesterday, helped by rising sales of general merchandise and prescriptions.
The company also said there had been "no substantive progress" in its contract renewal talks with drug benefits manager Express Scripts Inc.
Walgreen said more people visited its stores and spent more per visit. The company is working on expanding its health and wellness services, such as clinics it operates in its stores and at work sites, as it tries to differentiate itself from archrival CVS Caremark Corp.
CVS operates a large pharmacy benefits management business, while Walgreen sold its own PBM unit in June.
The company said it had earned US$792 million, or 87 cents per share, in the fourth quarter ended on August 31, compared with US$470 million, or 49 cents per share, a year earlier.
Excluding the benefit from the PBM sale, the profit was 57 cents per share.
Meanwhile, Walgreen is publicly fighting with large PBM Express Scripts. The drugstore chain plans to stop filling prescriptions for people covered by Express Scripts at the end of the year after failing to agree on new contract terms, walking away from what could have been more than US$5 billion in annual sales.
Sales in quarter rose 6.5 percent to US$18 billion, slightly above the US$17.92 billion Wall Street analysts were expecting, according to Thomson Reuters I/B/E/S.
Sales at stores open at least a year rose 4.4 percent, outpacing the gains of CVS and Rite Aid Corp in their latest quarters.
Same-store prescriptions rose 3.4 percent at Walgreen.
The company also said there had been "no substantive progress" in its contract renewal talks with drug benefits manager Express Scripts Inc.
Walgreen said more people visited its stores and spent more per visit. The company is working on expanding its health and wellness services, such as clinics it operates in its stores and at work sites, as it tries to differentiate itself from archrival CVS Caremark Corp.
CVS operates a large pharmacy benefits management business, while Walgreen sold its own PBM unit in June.
The company said it had earned US$792 million, or 87 cents per share, in the fourth quarter ended on August 31, compared with US$470 million, or 49 cents per share, a year earlier.
Excluding the benefit from the PBM sale, the profit was 57 cents per share.
Meanwhile, Walgreen is publicly fighting with large PBM Express Scripts. The drugstore chain plans to stop filling prescriptions for people covered by Express Scripts at the end of the year after failing to agree on new contract terms, walking away from what could have been more than US$5 billion in annual sales.
Sales in quarter rose 6.5 percent to US$18 billion, slightly above the US$17.92 billion Wall Street analysts were expecting, according to Thomson Reuters I/B/E/S.
Sales at stores open at least a year rose 4.4 percent, outpacing the gains of CVS and Rite Aid Corp in their latest quarters.
Same-store prescriptions rose 3.4 percent at Walgreen.
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