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Walgreen Co. Reports Fiscal 2013 Second Quarter Results

Stocks in this article: WAG

Walgreen Co. (NYSE, NASDAQ: WAG) today announced earnings and sales results for the second quarter and first half of fiscal year 2013 ended Feb. 28.

Net earnings determined in accordance with generally accepted accounting principles (GAAP) for the fiscal 2013 second quarter were $756 million or 79 cents per diluted share, compared with $683 million or 78 cents per diluted share in the year-ago quarter. Last year’s results benefited from one extra day versus the current year because of leap year.

Adjusted fiscal 2013 second quarter net earnings were $915 million or 96 cents per diluted share, compared with adjusted net earnings of $767 million or 88 cents per diluted share in the year-ago quarter. This year’s adjusted second quarter results exclude the negative impacts of 12 cents per diluted share in acquisition related items, and 5 cents per diluted share from the quarter’s LIFO provision.

“We are pleased with the quarter’s results as we saw substantial strength in our pharmacy performance, leading to strong earnings growth,” said Walgreens President and CEO Greg Wasson. “With our Balance™ Rewards program now totaling more than 60 million enrollments, our preferred status with four national Medicare Part D plan sponsors and our very successful flu shot program this year, our customers are responding to our purpose to help them get, stay and live well.”

Net earnings for the first half of fiscal 2013 ended Feb. 28 determined in accordance with GAAP were $1.17 billion or $1.23 per diluted share, compared with $1.24 billion or $1.41 per diluted share in the first half of fiscal 2012.

Adjusted net earnings for the first half of fiscal 2013 were $1.47 billion or $1.54 per diluted share, compared with adjusted net earnings of $1.39 billion or $1.59 per diluted share in the first half of fiscal 2012. This year’s adjusted first-half results exclude the negative impacts of 18 cents per diluted share in acquisition related items and 8 cents per diluted share from the first half’s LIFO provision. Special items in the first half of the year included 3 cents per diluted share in costs related to Hurricane Sandy and 3 cents per diluted share in acquisition-related costs, offset by 1-cent per diluted share in additional proceeds from the 2011 sale of the company’s pharmacy benefit manager business.

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