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VOL. 37 | NO. 39 | Friday, September 27, 2013
Walgreen fiscal 4Q profit soars 86 percent
The Associated Press
Walgreen says its fiscal fourth-quarter earnings soared 86 percent, as the nation's largest drugstore chain booked gains from inventory accounting and its acquisition of a stake in European health and beauty retailer Alliance Boots.
The Deerfield, Ill., company says it earned $657 million, or 69 cents per share, in the quarter. That compares with earnings of $353 million, or 39 cents per share, a year ago. Revenue climbed 5 percent to $17.94 billion.
Adjusted earnings totaled 73 cents per share.
Analysts forecast earnings of 72 cents per share on $17.96 billion in revenue.
Walgreen says it booked an $8 million benefit this year from its method of accounting for inventory, compared with a $132 million charge last year. It also recorded $124 million in equity earnings from Alliance Boots.