| The Associated Press |
NEW YORK (AP) — Drugstore operator Walgreen Co. says its profit fell 7 percent in the fiscal second quarter because of costs for its restructuring plan.
The Deerfield, Ill., company says it earned $640 million, or 65 cents per share. That compares compared with $686 million, or 69 cents per share, a year ago. That includes restructuring expenses of 6 cents per share, which saved the company 2 cents per share. Sales grew 7 percent, to $16.48 billion from $15.39 billion.
Thomson Reuters says analysts expected earnings of 66 cents per share and sales of $16.42 billion.
Walgreen says retail prescriptions grew, bucking an industry trend.
In January, Walgreen said it would cut 1,000 jobs to reduce overhead, part of a plan to save the company $1 billion per year by 2011.
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