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Walgreens’ profits miss Street expectations
Walgreens reported a 16% year-over-year jump in third quarter profit, but was forced to withdraw its previously issued fiscal 2016 guidance because it missed Wall Street estimates.
The company’s net earnings for the quarter were $722 million compared to $624 million in the prior-year period. Net sales increased 6% to $19.4 billion from $18.3 billion, while same-store sales increased 4.8%.
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PREIT strategy brings new retailers to Virginia mall
Philadelphia — Pennsylvania Real Estate Investment Trust has executed leases with Retail Group of America to bring three international brands F&F, Flormar and SuiteBlanco to the Patrick Henry Mall in Newport News, Virginia. The transactions illustrate PREIT’s strategy for improving portfolio performance by seeking out emerging, first-to-market options.