Walgreen Q4 Profit Tops Street - Quick Facts
(RTTNews.com) - Drugstore chain Walgreen Co. (WAG) posted sharply higher GAAP net earnings of $657 million, or $0.69 a share in the fourth quarter, compared with last year's $353 million, or $0.39 a share. On an adjusted basis, fiscal 2013 fourth-quarter net earnings totaled $702 million, or $0.73 a share in the latest period. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.72 for the quarter. Analysts' estimates typically exclude one-time items.
The company said its recent adjusted results exclude the negative impact of 5 cents a share in acquisition related amortization, 4 cents a share in Alliance Boots related tax, 1 cent a share in other acquisition related costs and 1 cent a share in costs associated with the company's change in prescription drug wholesalers. Also excluded is the positive impact of 6 cents a share in fair value adjustments and amortization related to the company's warrants to purchase AmerisourceBergen's common stock, and 1 cent a share from the quarter's LIFO income.
GAAP and adjusted net earnings in this year's quarter include 3 cents a share in net gains from certain litigation matters, according to Walgreen.
Quarterly sales climbed by 5.1 percent year-on-year to $17.94 billion, from $17.07 billion, and front-end comparable-store sales rose 1.6 percent in the quarter, whereas customer traffic in comparable stores slid 1.9 percent and basket size was up 3.6 percent. Total sales in comparable stores increased 4.6 percent. Analysts estimated revenues of $17.95 billion for the quarter.
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