Walgreen Shares Down Despite Profit Report
Walgreen Co., the No. 1 drugstore chain in the U.S., reported that quarterly profit rose 12% but just met Wall Street estimates after a one-time tax credit, sending shares down as much as 4%.
The latest results marked the third straight quarter that Walgreen failed to surpass analysts’ estimates, according to Reuters Research.
The chain said net income rose to $277.1 million, or 27 cents a share, in its fourth quarter ended Aug. 31, from $247.7 million, or 24 cents, a year ago. Walgreen recorded an inventory-related tax credit of $19.5 million.
Walgreen’s stock fell 94 cents to $31.12 on the NYSE.
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