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Walgreen key April revenue metric rises Walgreen, based in Deerfield, Ill., said
revenue at stores open at least a year rose 3.4 percent in April. But
analysts surveyed by Thomson Reuters expected, on average, that revenue
at those stores had risen 3.6 percent.
Revenue at stores open at
least a year is a closely watched gauge of retail health because it
leaves out results from stores that have opened, closed or been acquired
within the past year.
Walgreen said pharmacy revenue at stores
open at least a year rose 1.8 percent, below analysts' estimate of 2.4
percent. The company said the results were hurt by 1.9 percentage points
because of a calendar shift and the move of the allergy drug Allegra
from prescription to over-the-counter.
Those stores filled 2.3 percent more prescriptions than a year ago, the company said.
Revenue
from sales of nonpharmacy items like food and cosmetics increased 6.5
percent, benefiting from this year's late Easter, the company said.
Analysts expected a 5.9 percent boost.
Overall, total revenue in
April rose 5.5 percent to $5.99 billion from $5.68 billion and included a
contribution of 0.7 percentage points from Duane Reade stores. Walgreen
bought the New York City-based Duane Reade chain on April 9, 2010.
Those stores were not included in its results from stores open at least a
year.
Walgreen operated 8,169 locations as of April 31,
including 7,709 drugstores, or 202 more than a year ago. It has
locations in all 50 states, the District of Columbia, Puerto Rico and
Guam. It also runs more than 400 worksite health centers, home care
facilities, and specialty and mail service pharmacies. The company's
next-largest competitor, CVS Caremark Corp., has about 7,100 stores.
In afternoon trading, Walgreen shares fell 40 cents to $42.72.
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