Walgreen Co. revenue from established stores came in lower than Wall Street expected once again last month, as the introduction of generic drugs continued to squeeze revenue for the nation's largest drugstore chain.
The Deerfield, Ill., company said Wednesday revenue from stores open at least a year fell 6.2 percent. That included an 8.8 percent drop in pharmacy revenue and a 1.7 decline from the front end, or rest of the store. All three figures reflected steeper drops than analysts predicted.
Analysts expected, on average, an overall decrease of 5.5 percent, according to Thomson Reuters. They expected an 8.1 drop in pharmacy revenue, to be blunted in part by a decline of less than 1 percent from the front end.
Revenue from stores open at least a year is considered a key indicator of retailer health because it leaves out results from locations that have opened or closed in the last year, and measures growth at existing locations.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
