DEERFIELD, Ill. (AP) — Drugstore operator Walgreen Co. said Wednesday a key measure of revenue rose in April, but the growth was slightly below Wall Street expectations.
Walgreen, based in Deerfield, Ill., said revenue at stores open at least a year rose 3.4 percent in April. But analysts surveyed by Thomson Reuters expected, on average, that revenue at those stores had risen 3.6 percent.
Revenue at stores open at least a year is a closely watched gauge of retail health because it leaves out results from stores that have opened, closed or been acquired within the past year.
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Walgreen said pharmacy revenue at stores open at least a year rose 1.8 percent, below analysts' estimate of 2.4 percent. The company said the results were hurt by 1.9 percentage points because of a calendar shift and the move of the allergy drug Allegra from prescription to over-the-counter.
Those stores filled 2.3 percent more prescriptions than a year ago, the company said.
Revenue from sales of nonpharmacy items like food and cosmetics increased 6.5 percent, benefiting from this year's late Easter, the company said. Analysts expected a 5.9 percent boost.
Overall, total revenue in April rose 5.5 percent to $5.99 billion from $5.68 billion and included a contribution of 0.7 percentage points from Duane Reade stores. Walgreen bought Duane Reade in April 2010.
Walgreen operated 8,169 locations as of April 31, including 7,709 drug stores, or 202 more than a year ago. It has locations in all 50 states, the District of Columbia, Puerto Rico and Guam. It also runs more than 700 worksite health centers, home care facilities, and specialty and mail service pharmacies.
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