Walgreen Co. Reports $0.26 EPS for 1Q11

Walgreens WAG:

• First quarter sales increase 6.0 percent to record $17.3 billion
• Gross profit margin improves 80 basis points versus last year's first quarter
• Cash flow from operations for the quarter totals $1.2 billion

Net earnings per diluted share for the quarter ended Nov. 30 increased 26.5 percent to 62 cents, compared with 49 cents per diluted share in the year-ago quarter. Last year's results include the impact of 3 cents per diluted share in restructuring and restructuring-related costs associated with the company's Rewiring for Growth initiative. Net earnings were $580 million, an 18.8 percent increase from $489 million in the same quarter a year ago.