Strong drug sales lift profits

Monday, June 24, 2002 | 11:06 a.m.

DEERFIELD, Ill. -- Walgreen Co. today said steadily rising prescription sales helped lift its third-quarter profit by 21 percent even as the nation's largest drugstore chain expands rapidly.

The results met Wall Street's expectations.

Net earnings were $259 million, or 25 cents per share, for the March-May period, up from $213.4 million, or 21 cents a share, for the same period in 2001.

Sales climbed 17.5 percent to a record $7.4 billion from $6.3 billion a year ago. It opened 109 new stores in the latest quarter. Sales in stores open more than a year were up 11.5 percent.

Prescription sales accounted for 61 percent of sales and rose 21.9 percent. In 1980, by comparison, they accounted for just 15 percent of sales.

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