Walgreen Earnings Rise, Top Estimates

Hugh Collins
Updated
Walgreen
Walgreen

Drugstore chain Walgreen Co. (WAG) posted earnings of 49 cents per diluted share for the quarter, compared with 44 cents per share a year ago.

Sales for the quarter rose 7.4% to $16.9 billion in the quarter ended Aug. 31, the company said in a statement. Comparable store sales, not including Duane Reade stores, rose 1.5%.

"The double-digit increase in fourth quarter earnings per share was driven by strong operating performance across our 7,500-store network and expense control companywide," said Walgreens CEO Greg Wasson.

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The figure for earnings per share includes the impact of 4 cents per share associated with the Duane Reade acquisition and 1 cent per share in restructuring costs associated with the company's Rewiring for Growth initiative.

For fiscal 2010, net earnings per share rose 5% to $2.12 per share. Sales were $67.4 billion.

The company also completed its $2 billion share repurchase program in the quarter.

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