Earnings rise 14 percent

Monday, March 24, 2003 | 9:48 a.m.

DEERFIELD, Ill. -- Walgreen Co. rode its strength in prescription drugs to post a 14 percent increase in second-quarter profit despite a tough retail environment.

The nation's largest pharmacy chain earned $370.9 million, or 36 cents a share, for the three months ended Feb. 28, up from $326.6 million, or 32 cents a share, a year earlier.

Sales rose 12.8 percent to $8.45 billion from $7.49 billion, including an 18 percent rise in prescription sales. Among stores open more than a year, the sales increase was 8 percent.

The latest earnings matched the consensus estimate of analysts surveyed by Thomson First Call, but the sales figures was below the $8.53 billion that the analysts expected.

Walgreen shares fell $1.82, or 5.7 percent, to $30 in morning trading on the New York Stock Exchange today.

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