Walgreen Co. revenue from established stores came in lower than Wall Street expected once again last month, as the introduction of generic drugs continued to squeeze revenue for the nation's largest drugstore chain.
The Deerfield, Ill., company said Wednesday revenue from stores open at least a year fell 6.2 percent. That included an 8.8 percent drop in pharmacy revenue and a 1.7 decline from the front end, or rest of the store. All three figures reflected steeper drops than analysts predicted.
Analysts expected, on average, an overall decrease of 5.5 percent, according to Thomson Reuters. They expected an 8.1 drop in pharmacy revenue, to be blunted in part by a decline of less than 1 percent from the front end.
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