Walgreen Co. Reports Fiscal 2013 First Quarter Results

Selling, general and administrative expense dollars increased $194 million or 4.6 percent compared with the year-ago quarter, including 0.9 percentage point for costs related to Hurricane Sandy; 0.6 percentage point for USA Drug acquisition-related costs; 0.3 percentage point for Alliance Boots transaction and synergy related costs; and 0.3 percentage point for other acquisition-related amortization.

In the first quarter, the company opened or acquired 218 new drugstores compared with 71 in the year-ago quarter.

The company also delivered operating and free cash flow of $601 million and $265 million, respectively, in the first quarter.

First Quarter Fiscal Year 2013 Summary Financial Results
($ in millions except EPS)
GAAP		First Quarter FY12		First Quarter FY13		Change
		(Unaudited)		(Unaudited)
Net Sales		$18,157		$17,316		(4.6%)
Operating Income		$900		$705		(21.7%)
Net Earnings		$554		$413		(25.5%)
Diluted Net Earnings Per Share		$0.63		$0.43		(31.7%)
Operating Cash Flow		$809		$601		(25.7)%
Non-GAAP (Supplemental)*		First Quarter FY12		First Quarter FY13		Change
Adjusted Operating Income*		$1,005		$924		(8.1%)
Adjusted Net Earnings*		$619		$553		(10.7%)
Adjusted Diluted Net Earnings Per Share*		$0.71		$0.58		(18.3%)
* Refer to the supplemental information presented below for reconciliations of the non-GAAP financial measures used in thisrelease to the most comparable GAAP financial measure and related disclosures .

First quarter highlights

Other company highlights in the first quarter include:

• Opening new flagship stores in Chicago and Hollywood, Calif., which was the company’s 8,000 ^th store nationwide
• Completing the acquisition of USA Drug with locations in seven states primarily in the mid-South region of the country
• Establishing a new joint venture company with Alliance Boots as part of the companies’ strategic partnership synergy program
• Launching a major response to Hurricane Sandy, including a donation from Walgreens of $250,000 and a fundraising program at all Walgreens and Duane Reade stores nationwide that provided more than $5 million to the American Red Cross Disaster Relief Fund
• Administering more than 5.3 million flu shots this season to date, just ahead of the total administered a year ago.

As of Nov. 30, 2012, Walgreens operated 8,516 locations in all 50 states, the District of Columbia, Puerto Rico and Guam, including 8,058 drugstores and hospital onsite pharmacies nationwide. Walgreens also operates worksite health and wellness centers, infusion and respiratory service facilities, specialty pharmacies and mail service facilities. Its Take Care Health Systems subsidiary manages more than 700 in-store convenient care clinics and worksite health and wellness centers.

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