Walgreen 2Q Profit Down

Walgreen Co. (WAG) says its profit fell 7% in the fiscal second quarter because of restructuring costs and shoppers cutting discretionary purchases, even as retail prescriptions grew. The company says it earned $640 million, or 65 cents per share. That compares compared with $686 million, or 69 cents per share, a year ago. That includes restructuring expenses of $93 million, or 6 cents per share, which saved the company 2 cents per share. Sales grew 7 percent, to $16.48 billion from $15.39 billion.

Analysts expected earnings of 66 cents per share and sales of $16.42 billion.

by Mark Anderson | 03/23/09 | Stocks: WAG,

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Walgreen 2Q Profit Down

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