Walgreen Profit Rises as Remodeled Stores Boost Sales
This article is for subscribers only.
Walgreen Co., the largest U.S. drugstore chain, said fiscal fourth-quarter profit jumped 7.8 percent after remodeling stores to prompt customers to buy more non-pharmaceutical products. The shares rose the most in almost two years.
Net income for the quarter ended Aug. 31 advanced to $470 million, or 49 cents a share, the Deerfield, Illinois-based company said today in a statement. Earnings were 53 cents excluding costs related to the Duane Reade acquisition, beating by 9 cents the average of estimates compiled by Bloomberg.