(JB Reed/Bloomberg)
By Sandra M. Jones
| Walgreen Co. reported lackluster sales for February as consumers continued to cut back on discretionary items and had fewer cases of the flu.
Sales at stores open at least a year, a key retail metric, rose 0.4 percent from the year-ago period.
The pharmacy, which accounts for two-thirds of Walgreen’s sales, held up better than the front end of the store, with a same store sales gain of 0.9 percent. Front end sales, which include general merchandise and over-the-counter drugs, fell 0.6 percent.
A lower incidence of flu in February compared to last year hurt sales of
both prescription and non-prescription drugs, the company said.
Prescriptions filled at comparable stores increased 3.6 percent in Feburary, including 1.5 percentage points due to more patients filling 90-day prescriptions and 0.3 percentage points due to H1N1 flu shots.
Walgreens opened seven stores last month, acquired 11 and closed one.
Total sales for February rose 3.2 percent to $5.31 billion.
Walgreens operates 7,679 locations nationwide.
This article points to one of the things I do not understand. Same Store Sales up only 0.4% and this does not take into account of inflation, so real sales are falling. The same is true for Walmart. Around my neighborhood, retail stores are closing. There is a lot of space available for rent. On the other hand, government statistics point to higher retail sales. What gives?
http://www.TheAngryGrapes.com
Lately when I go to Walgreens, I find they don’t have what I came in for. so I have to go elsewhere. Who is holding what back?