This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Mixed Bag at the Pharmacy Chains

Walgreen (WAG) said same-store sales for June rose 10.1%, but another drugstore chain, Duane Reade (DRD) said comparable sales in the latest second quarter were hurt by dreary weather and weakness in the economy.

Last month, Walgreen's total sales reached $2.70 billion, an increase of 14.4% from $2.36 billion for June 2002. Overall pharmacy sales climbed 18.4%, while same-pharmacy sales rose 14.5%.

For the calendar year to date, sales are up 12.8% to $16.31 billion compared with last year. Sales for the first 10 months of the fiscal year were $26.96 billion, up 13.2%. Same-store sales so far in the fiscal year have increased 8.3%.

Walgreen, based in Deerfield, Ill., opened 36 stores in June, including nine relocations. As of June 30 the company operated 4,077 drugstores in 43 states and Puerto Rico.

Meanwhile, New York-based Duane Reade said total sales for the second quarter were $355.2 million. The company sales were below its expectations, which Duane Reade attributed to the poor weather in the spring and weakness in the economy.

Same-store sales for the quarter rose 3.1%, with pharmacy same-store sales increasing 8% and front-end same-store sales declining 0.4%.

Duane Reade now expects second-quarter earnings of 20 cents to 21 cents a share, excluding a tax provision of about 4 cents related to the recently passed New York State tax legislation.

In addition, recent state tax rulings may force the company to provide reserves for periods prior to 2003, but the amount probably won't exceed $5 million. The earnings guidance also includes litigation-related expenses of about 2 cents a share.

Analysts polled by Thomson First Call are looking for a profit of 24 cents in the quarter. The company is scheduled to report second-quarter results on July 24.

Shares of Walgreen were up 18 cents, to $30.41. Duane Reade was unchanged at $14.64.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs