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VOL. 36 | NO. 39 | Friday, September 28, 2012

Walgreen 4Q profit falls 55 pct, tops forecasts

The Associated Press

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Walgreen says its fiscal fourth quarter net income tumbled 55 percent compared to a year ago when the drugstore operator recorded a big gain from a business sale. Its adjusted earnings still trumped Wall Street expectations.

The nation's largest drugstore chain says it earned $353 million, or 39 per share, in this year's quarter. That's down from $792 million, or 87 cents per share, a year ago.

Excluding one-time items, Walgreen says it earned 63 cents per share. Analysts surveyed by FactSet forecast adjusted earnings of 55 cents per share.

Walgreen recorded a $434 million gain last year from the sale of its pharmacy benefits management business.

The Deerfield, Ill., company had said earlier this month its revenue fell 5 percent to about $17 billion.