Drugstore chain Walgreen reports 68 per cent jump in fiscal 1st-quarter profit - InfoNews

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Drugstore chain Walgreen reports 68 per cent jump in fiscal 1st-quarter profit

FILE - In this June 21, 2013, file photo, customers leave a Walgreens pharmacy in Jackson, Miss. Walgreen Co. reports quarterly financial results, Friday, Dec. 20, 2013. (AP Photo/Rogelio V. Solis, File)
December 20, 2013 - 5:06 AM

Walgreen says its fiscal first quarter earnings soared 68 per cent, helped in part by investments that the nation's largest drugstore chain has made in other companies.

Walgreen Co. says its results were helped by its stakes in European health and beauty retailer Alliance Boots and pharmaceutical wholesaler AmerisourceBergen Corp.

The Deerfield, Ill., company earned $695 million, or 72 cents per share, in the three-month period that ended in November. That compares to net income of $413 million, or 43 cents per share a year ago.

Walgreen's revenue climbed 6 per cent to $18.33 billion.

Adjusted earnings totalled 72 cents per share, excluding one-time items.

Analysts forecast earnings of 72 cents per share on $18.36 billion in revenue.

Walgreen shares are up nearly 2 per cent to $58 in premarket trading.

News from © The Associated Press, 2013
The Associated Press

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