Walgreens Reports Drop in Same-store Sales (WAG, ESRX)
Pharmacy retailer Walgreens (NYSE: WAG) reported same-store sales for February were down -4.6% compared with February 2011. The number of prescriptions filled at comparable stores also fell, by -9.5%. The company also said that the decline in prescriptions filled due…
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Pharmacy retailer Walgreens (NYSE: WAG) reported same-store sales for February were down -4.6% compared with February 2011. The number of prescriptions filled at comparable stores also fell, by -9.5%.
The company also said that the decline in prescriptions filled due to the cancellation of Walgreens’ contract with Express Scripts Inc. (NASDAQ: ESRX) totaled -10.7%. In February 2011, Express Scripts comprised 12.6% of Walgreens’ prescriptions.
Total sales for February rose 1.5%, from $5.77 billion to $5.86 billion, primarily due to the effect of the extra leap-year day. The impact of generic sales was also negative, as comparable prescription sales lost -2.2% due to the effects of new generics coming on the market.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
