Walgreen’s Q3 Earnings Down; Sales Rise

Walgreen WAG today reported Q3 results for fiscal 2010. WAG’s sales rose 6.1% year-over-year in the third quarter. The Deerfield, Illinois-based company reported its Q3 net earnings at $463 million, or $0.47 per diluted share (which included a total negative impact of $0.07 per share due to different activities), down from $522 million, or 53 cents per diluted share, in the year-ago period. The previous period’s results also included restructuring costs of $0.06 per share. WAG’s sales rose 6.1% year-over-year to a record $17.2 billion in the third quarter. Walgreen’s President and CEO Greg Wasson said, "During the quarter, we achieved record sales, a record number of prescriptions filled, continued growth in our retail pharmacy market share, and continued generation of strong cash flow. We also are seeing an improvement in our Customer Centric Retailing (CCR) stores and an expansion of opportunities for our new Pharmacy, Health and Wellness Solutions. At the same time, we are directly addressing the reimbursement pressures we are seeing and following through on the cost control initiatives associated with Rewiring for Growth. Looking ahead, we remain cautious on the economy and confident in our strategies." WAG’s shares fell 0.46% to $30.00 in pre-market trading. Read more from Benzinga's Company news.