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|
|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 highlightsOther 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.