Walgreen’s reports third quarter results, 16.2% net profit increase
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Walgreen Company (WAG) announced its third quarter financial results for fiscal year 2013, reporting a net profit increase of 16.2%, or $87M more than last year to $624M. Earnings per share increased 18% to $0.85 per share, up from $0.72 per share last year this quarter. The reported earnings per share do not take into account the negative impact of $0.25 per share and the positive impact of $0.05 per share from various activities this last quarter, including a legal settlement with the U.S. Drug Enforcement Administration. Walgreen’s and its new partnership with Alliance Boots expects to deliver $125M to $150M in synergies this year. Greg Wasson, Walgreen’s President and CEO remarked that the company had a strong quarter but remains focused on improving its front-end sales.