Despite Weak Flu Season, Walgreens Posts Record Sales
Walgreens says sales in its fiscal second quarter inched up 0.8% to a record $18.7 billion, including a 2.1% increase in same-store sales. And net earnings for the Deerfield, Ill.-based drug chain fell 7.7% to $683 million, compared with $739 million in the same quarter a year ago. The mild cough/flu season, as well as no longer being part of the Express Scripts pharmacy network, impacted results. Results still topped analyst expectations.
“The front end of our stores continued to perform strongly and attract customers for their health and daily living needs,” Walgreens President and CEO Greg Wasson, says in its release. “Our balanced promotional approach during the Christmas and holiday seasons led to profitable sales growth, and our convenience and neighborhood locations proved valuable during a mid-week holiday such as this year’s Valentine’s Day, which was strong. As we expected, the convenience and customer-focused selection of our front-end health and daily living products and services led to higher comparable store front-end sales in the quarter, despite reduced pharmacy volume.”