Walgreen Q1 Profit Up, Matches View

(RTTNews) - Drugstore chain operator Walgreen Co. (WAG) said its profit attributable to company in the first quarter rose more than 60 percent to $695 million from last year's $413 million. On a per share basis, earnings grew 66.1 percent to 72 cents from 43 cents.

On adjusted basis, earnings rose 24.1 percent to 72 cents and came in line with the consensus of 23 analysts polled by Thomson Reuters. Analysts' estimates typically exclude special items.

The group said this year's quarter include the positive impact of 7 cents per share attributable to a deferred tax adjustment applicable to Alliance Boots.

First-quarter sales grew 5.9 percent to $18.33 billion. Twenty Wall Street analysts expected revenues of $18.35 billion.

Front-end comparable store sales increased 2.4 percent in the first quarter, while total sales in comparable stores increased 5.4 percent. Prescription sales, accounting for 64.7 percent of sales, rose 7.3 percent, while prescription sales in comparable stores increased 7.2 percent.