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MENAFN - 22/12/2012

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(MENAFN) Florida-based drugstore chain Walgreen Co. reported a nearly 26 percent decline in quarterly profits due to costs related to a couple big deals and Superstorm Sandy, AP reported.

The company said it made USD413 million in its fiscal first quarter ended November 30, down from USD554 million a year ago. Walgreen said earlier this month revenue fell nearly 5 percent to USD17.34 billion.

Walgreen spent USD4 billion in cash earlier this year to buy a stake in Alliance Boots, a Swiss company that runs the largest drugstore chain in the UK.

Another USD438 million was invested in buying a drugstore chain focused on the mid-South under the USA Drug, Super D Drug and Med-X names.

Costs linked to the two buyouts totalled USD23 million in the quarter.

Superstorm Sandy, which swept up the East Coast in October, forced Walgreen to shut down hundreds of stores temporarily, which cost the company USD24 million in costs.

Walgreen runs more than 8,000 drugstores in all 50 states as the nation's largest drugstore chain.

 






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