Walgreens states Profits are down by 9% even with increased sales
Posted Jun 22 2009 11:51am
The article states the non pharmacy items the store carries are down, due to the economy as one factor and will plan to open fewer stores than originally planned. 44 stores have discontinued Medicaid prescriptions as of the first of May in the state of Washington. BD
The drugstore operator Walgreen said Monday that its profit fell 9 percent in the third quarter despite improving sales as greater expenses, including its reorganization efforts, reduced its income.
Walgreen says cost-cutting and sales initiatives cost it 6 cents a share, but resulted in savings of 6 cents a share. Pharmacy sales improved, but sales of nonpharmacy items were hit by the recession.