Walgreens 3Q earnings rise 19.6%

DEERFIELD, Ill. Walgreen Co. today reported a 19.6% net earnings increase in the third quarter of fiscal 2007 to $561 million or 56 cents per share (diluted), from $469 million or 46 cents per share (diluted) in the same quarter a year ago.

Walgreens reported net earnings for the nine months climbed 22.9 % to $1.64 billion or $1.63 per share (diluted), versus last year's $1.34 billion or $1.31 per share (diluted).

"The growth opportunity we have ahead of us is exciting," said ceo Jeffrey Rein. "With the first of 78 million baby boomers turning 65 in 2011, the demand for pharmacy services will get bigger and bigger. We intend to be the best-positioned pharmacy chain in the country to serve that need, and we're on track to exceed our goal of 7,000 stores in 2010."

Sales increased 12.5% to a $13.7 billion for the third quarter and 14.5% to $40.3 billion for the first nine months. Total sales in comparable-drug stores were up 7.8% in the quarter, while front-end comparable-drug store sales rose 5.6%.