EmailWalgreens (WAG $34.61 -1.42) reports fourth quarter earnings of $0.57
per share, excluding a $0.30 tax benefit but including a $0.02 negative impact
from the drugstore.com acq. and a $0.01 negative impact from the Rewiring and
Growth initiatives, $0.01 better than the Capital IQ Consensus Estimate of
$0.56.
Revenues rose 6.5% year/year to $17.97 billion versus the $17.88 billion
consensus.
Total sales in comparable stores (those open more than a year) increased 4.4% in
the quarter, while front-end comparable drugstore sales increased 4.6% in the
quarter. Customer traffic in comparable stores increased 1.6% for the fourth
quarter, while basket size increased 3.0%.
Prescription sales, which accounted for 65.4% of sales in the quarter, climbed
5.7%. Gross profit margins decreased 0.2% point vs. the year-ago quarter to
28.2%. Lower front-end margins negatively impacted overall margins in the
quarter, while retail pharmacy margins were flat. There has been no substantive
progress in the contract renewal negotiations with Express Scripts (ESRX).
than one year.
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