This Day On The Street
Continue to site
ADVERTISEMENT
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

Shares of Walgreen Shake Off Quarterly Profit Miss

NEW YORK (TheStreet) -- Shares of Walgreen climbed on Wednesday, despite the drugstore chain's second-quarter results that missed expectations.

VIDEO TRANSCRIPT:

Shares of Walgreen (WAG) are rising on Wednesday despite reporting second-quarter earnings that missed expectations.

Walgreen reported profit excluding items of 91 cents a share, missing analyst estimates by 2 cents, according to Thomson Reuters.  The drugstore chain said profit was hurt by price cuts it made in order to compete with rivals during the holiday season.

Walgreen said a slowdown of generic drug introductions and a mild flu season also weighed on the company's results.  However, CEO Greg Wasson said pressure from fewer new generic drugs would lighten in the second half of the fiscal year.

WATCH: More videos from Brittany Umar

The company also announced a more optimistic estimate regarding its partnership with Alliance Boots Holding.  Walgreen now forecasts the partnership could generate synergies between $375 million and $425 million -- that's a $25 million increase from its prior estimate.

The company also said it plans to shut down 76 unprofitable stores by August as part of a plan to save $40 to $50 million per year beginning in 2015.

At last check, shares of Walgreen were than 3% to $66.42.

In New York, I'm Brittany Umar for TheStreet.

-- Written by Brittany Umar in New York.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $128.70 0.00%
FB $78.81 0.00%
GOOG $540.78 0.00%
TSLA $230.51 0.00%
YHOO $42.04 0.00%

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs