Walgreen 1Q profit drops 4.5 percent

Drugstore operator Walgreen 1st-quarter profit falls 4.5 percent with slow start to flu season

Associated Press – Wed 21 Dec, 2011 6:30 PM IST

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NEW YORK (AP) — Drugstore operator Walgreen Co. says its fiscal first quarter profit fell more than 4 percent due in part to a slow flu season and its decision to leave the Express Scripts Inc. pharmacy network next month..

The nation's largest drugstore chain says profit fell to $554 million, or 63 cents per share, from $580 million, or 62 cents per share, a year ago, when it had more shares outstanding. Revenue grew 4.7 percent to $18.16 billion.

Analysts forecast a profit of 67 cents per share and $18.24 billion in revenue.

The company reported no progress in negotiations with the pharmacy benefits manager Express Scripts. Walgreen stands to lose billions of dollars in annual sales if it stops doing business with the company on Jan. 1.

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