Business & Tech
Third Quarter Profits Up for Walgreens, but Expectations Miss the Mark
During a conference call Tuesday, Walgreens announced earnings and sales results for the third quarter and first nine months of fiscal year 2013 ended May 31.
Deerfield-based Walgreens discussed third quarter results via a conference call Tuesday, reporting net earnings of $624 million, a 16.2 percent increase over the same quarter last year.
However, front-end sales (sales outside the pharmacy) did not meet expectations, stated Walgreens President and CEO Greg Wasson, according to a press release.
"Our front-end sales are still not up to our expectations, and while the economy remains challenging, increasing customer traffic and front-end sales are our near-term priorities with a focus on pricing and promotion and the leveraging of our Balance® Rewards program, which now has 75 million members.”
Net earnings per share for the third quarter increased 4.8 percent to 65 cents.
During Tuesday morning trading, the company's stock dropped more than 6 percent, reported therepublic.com.
Read the full report on third quarter earnings at www.walgreens.com.
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