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StumbleChain misses expectations
Monday, June 25, 2001 | 11:09 a.m.
DEERFIELD, Ill. -- Walgreen Co.'s stock tumbled more than 10 percent today after the nation's largest drugstore chain reported a rise in quarterly earnings to $213.4 million or 21 cents a share, which fell short of Wall Street's expectations.
The company said its third-quarter profit would have been higher but for heavy investment in expansion, which will peak this year after four years of rapid growth. About 475 Walgreens will open in 2001 -- an average of one every 18 hours.
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