Walgreen Co. posts 16 percent gain in Q3 profit

Nathan Andrada – Fourth Estate Cooperative Contributor

Deerfield, IL, United States (4E) – Walgreen Co. said on Tuesday that its third-quarter profit rose 16 percent from last year, as sales climbed and the company benefited from a lower effective income tax rate.

Both quarterly revenues and per share adjusted earnings were below analysts’ forecasts.

The drugstore chain posted net earnings of $722mn, or $0.75 per share, for the third quarter, compared with $624mn, or $0.65 per share, in the year-earlier quarter.

The Deerfield, Illinois-based company said that the latest period’s results included a net positive impact of $0.16 per share, compared with a net positive impact of $0.20 per share included in the prior-year quarter.

Stripping off some items, net earnings for the latest quarter was $883mn or $0.91 per share, higher than the $812mn or $0.85 per share in the year-earlier quarter.

Net sales for the quarter climbed 5.9 percent to a record-high $19.40bn from $18.31bn in the same quarter in 2013, but the consensus estimate of 15 analysts of $19.48bn.

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