Walgreen Suffers 25% Profit Drop in Q1
Walgreen reported its fiscal Q1 2013 results today. According to an official statement from the company, net profit measured by GAAP standards dropped by over 25% year over year during the quarter to land at $413 million ($0.43 per share). Net sales totaled $17 billion, a fall of nearly 5% from Q1 2012.
The company intimated that the shortfall was due to several factors, including the continuing impact of customer loss resulting from a dispute with Express Scripts .
Additionally, the company made a change in the way it accounted for its 45% stake in European pharmacy conglomerate Alliance Boots. The modification negatively affected results by $0.07 per share, instead of the previously expected accretion of $0.03.
The article Walgreen Suffers 25% Profit Drop in Q1 originally appeared on Fool.com.Eric Volkman has no positions in the stocks mentioned above. The Motley Fool owns shares of Express Scripts. Motley Fool newsletter services recommend Express Scripts. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.