Walgreen Profit Rises on Generic Drugs
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Walgreen Co., the biggest U.S. drugstore chain, said fiscal first-quarter profit rose 5.2%, driven by sales of generic drugs.
Net income climbed to $345.6 million, or 34 cents a share, in the quarter ended Nov. 30 from $328.6 million, or 32 cents, a year earlier. Sales increased 10% to $10.9 billion, the Deerfield, Ill.-based company said. Sales at stores open at least a year rose 7.2%.
Prescription sales, which account for 65% of revenue, rose 7.7% at comparable stores. More profitable generic drugs helped widen margins. The company expects to benefit in 2006 from “record” introductions of generics, said Rick Hans, Walgreen’s director of finance.
Shares of Walgreen rose $1.13 to $45.39.
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