Cramer: Why I'm Buying CVS
Walgreen's pharmacy same-store sales rose 3.3%, accounting for 57.3% of total sales, and front-end same-store sales increased 1.7%. Walgreen said generic-drug introductions lowered pharmacy same-store sales by 4.4 percentage points. December sales also were hurt by weakness in seasonal categories, the withdrawal from the market and cautions on the use of cough and cold products for children, and aggressive pricing on digital photo prints, Walgreen said. Rite Aid's same-store sales dropped 0.5% for the month. Pharmacy same-store sales were flat, while front-end same-store sales declined 1.2%. Rite Aid, the smallest of the three major chains, has been struggling with slow sales and a massive acquisition last year of Brooks Eckerd. The company last month posted a
hefty loss for the third quarter that was much worse than expected, sending shares down 32% in one day.