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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.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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