Walgreen Sales Drag Down Drugstores
(Walgreen article update with stock price movement.)
NEW YORK (
) --
Walgreen
(WAG)
reported a 1.1% decline in January same-store sales on Monday, with both pharmacy and front-end units feeling the pinch.
Pharmacy comparable sales slipped 1.2%, while front-end sales, which include discretionary items like hair care and cosmetics, fell 1%.
The drugstore said pharmacy sales were hurt by the introduction of new generic drugs.
Rival
Rite Aid
(RAD) - Get Report
posted a
2.1% drop in January same-store sales
, with both divisions also falling 2.1%.
Shares of Walgreen are tumbling 5.6% to $34.72, Rite Aid is down 1.5% to $1.33 and
CVS Caremark
(RAD) - Get Report
is slipping 2.4% to $32.58.
-- Reported by Jeanine Poggi in New York.
RELATED STORIES:
>>Rite Aid Sales Fall in January
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