Walgreen Co. reported earnings of 43 cents per share in the first quarter of fiscal 2013 compared with 63 cents in the year ago quarter. However, after adjusting for certain one-time items, the adjusted earnings came in at 58 cents per share, significantly below the year-ago earnings per share of 71 cents as well as the Zacks Consensus Estimate of 68 cents.
The company has already reported sales for the first quarter fiscal 2013. Total sales came in at $17.34 billion, down 4.5% year over year and trailing the Zacks Consensus Estimate of $17.63 billion, missing top-line Zacks Consensus Estimate for the third time in a row.
The reported quarter results continue to echo the loss of the Express Scripts (ESRX) contract. The company’s sales figure has been dragging since the termination of the contract. Moreover, the performance in the first quarter reflects the negative impact associated with hurricane Sandy. The generic wave in the pharmaceutical industry also negatively impacted first quarter sales by $883 million in the reported quarter.