BUSINESS

Dec 21, 2012 8:07 AM by AP/CS

Walgreen fiscal 1Q profit sinks nearly 26 pct

Walgreen says its fiscal first-quarter earnings sank nearly 26 percent as the nation's largest drugstore chain filled fewer prescriptions and absorbed costs tied to recent acquisitions and Superstorm Sandy.

The Deerfield, Ill., company says it earned $413 million, or 43 cents per share, in the three months that ended Nov. 30. That compares with net income of $554 million, or 63 cents per share, a year ago. Walgreen said earlier this month revenue fell nearly 5 percent in the quarter to $17.34 billion.

Excluding one-time costs, adjusted earnings were 58 cents per share.

Analysts forecast earnings of 70 cents per share.

The company says prescriptions fell 3 percent, and prescription revenue dropped, partly because of cheaper generic drugs.

Walgreen runs more than 8,000 drugstores in all 50 states.

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