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