06/23/08 Walgreen Co. Reports Record Sales and Earnings in Third Quarter 2008
Net earnings increase 2.0 percent to $572 million
Diluted earnings per share increase to 58 cents
Total sales increase 9.6 percent; front-end comparable store sales up 4.6 percent
Expense dollars grow 10.0 percent while the company opens 138 new drugstores
DEERFIELD, Ill., June 23, 2008 — Walgreens (NYSE, NASDAQ: WAG) today announced record sales and earnings for the fiscal year 2008 third quarter and first nine months.
Net earnings for the quarter ended May 31 rose 2.0 percent to $572 million or 58 cents per share (diluted), from $561 million or 56 cents per share (diluted) in the same quarter a year ago. Walgreens recorded a LIFO provision of $16.1 million in this year's quarter versus a credit of $3.5 million in last year's third quarter. Last year's quarter also included a $13.5 million credit from the resolution of a multiyear state tax matter.
Net earnings for the nine months increased 4.2 percent to $1.71 billion or $1.72 per share (diluted), versus last year's $1.64 billion or $1.63 per share (diluted). Last year's nine-month earnings also benefited from the previously mentioned lower LIFO rate and tax benefit.
"In a challenging economy, we continued investing in our future with a relentless focus on cost control," said Walgreens Chairman and CEO Jeffrey A. Rein. "We posted solid results while going up against a nearly 20 percent earnings increase in the year-ago quarter and a more robust economic environment. At a time when Americans are searching for value and convenience, we're one of the retailers they're turning to."
Net earnings increase 2.0 percent to $572 million
Diluted earnings per share increase to 58 cents
Total sales increase 9.6 percent; front-end comparable store sales up 4.6 percent
Expense dollars grow 10.0 percent while the company opens 138 new drugstores
DEERFIELD, Ill., June 23, 2008 — Walgreens (NYSE, NASDAQ: WAG) today announced record sales and earnings for the fiscal year 2008 third quarter and first nine months.
Net earnings for the quarter ended May 31 rose 2.0 percent to $572 million or 58 cents per share (diluted), from $561 million or 56 cents per share (diluted) in the same quarter a year ago. Walgreens recorded a LIFO provision of $16.1 million in this year's quarter versus a credit of $3.5 million in last year's third quarter. Last year's quarter also included a $13.5 million credit from the resolution of a multiyear state tax matter.
Net earnings for the nine months increased 4.2 percent to $1.71 billion or $1.72 per share (diluted), versus last year's $1.64 billion or $1.63 per share (diluted). Last year's nine-month earnings also benefited from the previously mentioned lower LIFO rate and tax benefit.
"In a challenging economy, we continued investing in our future with a relentless focus on cost control," said Walgreens Chairman and CEO Jeffrey A. Rein. "We posted solid results while going up against a nearly 20 percent earnings increase in the year-ago quarter and a more robust economic environment. At a time when Americans are searching for value and convenience, we're one of the retailers they're turning to."
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