NEW YORK (

TheStreet

) --

Walgreen

(WAG)

is rallying Wednesday morning, after reporting a 19% jump in first-quarter profit.

During the quarter the drug store chain earned $580 million, or 62 cents per share, compared with $489 million, or 49 cents, in the year-ago period. Revenue rose 6% to $17.34 billion from $16.36 billion.

Analysts were calling for a profit of 54 cents per share on revenue of $17.31 billion.

Shares of Walgreen are gaining 4.4% to $38.44 in pre-market trading.

-- Written by Jeanine Poggi in New York.

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