Walgreen Sales Drag Down Drugstores

Drugstores suffer in January, with both Walgreen and Rite Aid posting declines.
Author:
Publish date:

(Walgreen article update with stock price movement.)

NEW YORK (

TheStreet

) --

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

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.