Walgreen Co. said its June same-store sales rose 2 percent, a reversal from two straight months of declines, as front-end discretionary sales improved. Overall, sales jumped 8.4 percent to $5.67 billion, increased by three percentage points by Duane Reade stores the company acquired this year. Duane Reade stores aren’t included in same-store results.
The 2.2 percent same-store growth at the front end bucks the drug-store sector’s general weakness of late in that area. Walgreen said last month its fiscal third-quarter earnings fell amid higher costs and continued consumer spending weakness. It has been remodeling stores to better appeal to customers, lowering shelf heights and better targeting inventory.
Same-store sales were up 1.8 percent in June at Walgreen pharmacies, with the figure reduced 1.9 percentage points by generic drug introductions and 0.3 percentage point from lower incidence of the flu. Prescriptions filled at comparable stores rose 3.4 percent, including 1.3 percentage points from more patients filling 90-day prescriptions.
Walgreen shares closed Friday at $26.36 and were inactive premarket. The stock is down 11 percent the past year.
It’s great how companies and sales are judged these days. Who judges exactly how accurate these monthy sales analysis are? All companies try to be careful, but know if they err on the conservative (not a political but a financial term here) side, their stock may be punished.
Anyway, I have one of those great millisecond trading programs, so I NEED TO KNOW HOURLY what they are selling. I buy suntan lotion long and sell Mortin short on what they sold 15 minutes ago!