An Okay End to the Fiscal Year
Walgreen's fiscal fourth quarter results were solid but a bit confusing, as a lower tax rate and share count did help boost reported earnings per share. Sales rose more than 6% on better than 4% comps, putting Walgreen ahead of other drugstore rivals CVS Caremark (NYSE:CVS) and Rite Aid (NYSE:RAD) in terms of sales momentum. Drug sales were up about a percentage point less than overall sales, but the comp sales were similar, and prescription drugs are still about two-thirds of the sales base.
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