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Retailer’s profit up 17%, but disappoints investors

Monday, March 22, 2004 | 9:27 a.m.

DEERFIELD, Ill. -- Walgreen Co., the largest U.S. drugstore chain, today said second-quarter profit rose 17 percent, less than analysts expected, as extended store hours helped increase sales of pharmacy goods, cosmetics and snacks. Shares fell as much as 4.5 percent.

Net income in the period ended Feb. 29 climbed to $433.5 million, or 42 cents a share, from $370.9 million, or 36 cents, a year earlier, Walgreen's said. Excluding $7.9 million gained from a litigation settlement, the company earned 41 cents a share, 1 cent less than the average estimate of 16 analysts surveyed by Thomson Financial.

Chief Executive David Bernauer opened more stores 24 hours a day to keep from losing sales to rivals such as CVS Corp., which is also increasing hours.

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