Reuters: Global Markets: Walgreen quarterly profit falls, shares slip

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Walgreen quarterly profit falls, shares slip Dec 21st 2012, 13:08 Tweet Share this Email Print Related News Rite Aid returns to profit, raises forecast Thu, Dec 20 2012 UPDATE 3-CVS Caremark sees Obamacare as expansion opportunity Thu, Dec 13 2012 Dollar General feels heat from competition, economy Tue, Dec 11 2012 Tiffany cuts view, low-price silver jewelry sales fall Thu, Nov 29 2012 UPDATE 3-Tiffany cuts view, low-price silver jewelry sales fall Thu, Nov 29 2012 Related Topics Hot Stocks » Asian Markets » The logo of Walgreens is seen at their Times Square store in New York December 17, 2012. Credit: Reuters/Andrew Kelly Fri Dec 21, 2012 8:08am EST (Reuters) - Walgreen Co (WAG.N) posted an unexpected decline in quarterly profit on Friday as the largest U.S. drugstore chain works on winning back shoppers after a major contract dispute with Express Scripts Holding Co (ESRX.O). Shares of Walgreen fell to $36.14 in premarket trading after closing at $37.55 on Thursday. Walgreen has stepped up its marketing to bring back Express Scripts patients who were unable to fill their prescriptions at its stores during a now-resolved 8-1/2-month dispute. At the same time, Walgreen has been promoting a new loyalty card, signing up more than 45 million shoppers in a few months. Walgreen earned $413 million, or 43 cents per share, in the fiscal first quarter ended November 30, down from $554 million, or 63 cents per share, a year earlier. Earnings before unusual items fell to 58 cents per share from 71 cents per share a year earlier, missing analysts' average expectation of 70 cents per share, according to Thomson Reuters I/B/E/S. This year's adjusted profit excluded costs related to acquisitions, an inventory provision and the effects from Hurricane Sandy. Walgreen said it is now reporting results from its 45 percent stake in Alliance Boots on a one-quarter lag, rather than on a one-month lag. The deal, which closed on August 2, cut adjusted EPS by 7 cents, rather than adding 3 cents as was expected if results had been reported using a one-month lag. Sales fell 4.6 percent to $17.32 billion, with sales at stores open at least a year, or same-store sales, down 8 percent. The sales performance was slightly worse than Walgreen said earlier this month. At that time, it said sales fell 4.5 percent to $17.34 billion and same-store sales declined 7.7 percent. (Reporting by Jessica Wohl in Chicago; Editing by Jeffrey Benkoe) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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