Key May revenue figure climbs 2.8% for Walgreen
THE ASSOCIATED PRESS June 5, 2013 8:52AM
Updated: June 5, 2013 8:52AM
DEERFIELD — Walgreen’s revenue from established stores topped analyst expectations for May, even though a rise in generic drugs continues to dent the top line of the nation’s largest drugstore chain.
The Deerfield company said Wednesday that revenue from stores open at least a year increased 2.8 percent last month compared with May 2012. That included a 3.8 percent gain from the pharmacy, which accounted for most of its sales, and a 1.2 percent increase from the front end, or rest of the store.
Revenue at stores open at least a year is a key indicator of a retailer’s health, because it excludes the impact of recently opened or closed stores.
Analysts expected, on average, that total revenue from Walgreen’s established stores would grow 2.4 percent last month, according to Thomson Reuters. They also forecast growth of 2.7 percent from the pharmacy and 1.8 percent from the front end.
Overall, the drugstore chain’s revenue climbed 4.3 percent last month to $6.22 billion.
Walgreen operated 8,096 drugstores at the end of the month, or more than competitors CVS Caremark Corp. and Rite Aid Corp.