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Safeway Q1 profit falls on tax charge
Pleasanton, Calif. -- Taxes related to Safeway's effort to pay down debt reduced its first-quarter net income, but the company's adjusted results beat Wall Street's expectations as its revenue rose, the Associated Press reported.
The company earned $25.1 million for the quarter, compared with $96 million a year earlier. This includes a tax charge related to a plan to pay down its U.S. debt with part of a $1.1 billion dividend in cash and debt from its Canadian operations.
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Walgreens to buy 10 Carle RxExpress
Deerfield, Ill. -- Walgreen Co. has agreed to buy 10 Carle RxExpress pharmacies in east central Illinois.
The chain did not disclose terms of the deal. It expects the sale to close by July. Walgreen said it will continue to run six of the pharmacies and will consolidate a seventh into the others. It will close three other locations and transfer prescription files and inventory to nearby Walgreen locations.
The stores are currently owned by The Carle Foundation, a not-for-profit company based in Urbana, Ill.