Walgreens reports 2Q earnings drop, sales growth

DEERFIELD, Ill. Walgreens reported that net earnings for the second quarter ended Feb. 28 decreased 6.7% to $640 million or 65 cents per share (diluted), from $686 million or 69 cents per share (diluted) in the same quarter a year ago.

“We made solid progress in the quarter executing our long-term growth strategies in a challenging retail environment,” said Walgreens President and CEO Gregory Wasson. “With our new management team in place, we’re implementing significant cost reductions, engaging our customers more effectively and broadening access to affordable health care.”

Second quarter sales increased 7% from the prior-year quarter to a record $16.5 billion. Sales in comparable stores increased 1.3% in the quarter, while comparable-store front-end sales decreased 1.2%.