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Walgreens' Profit Drops 7.7 Percent in Q2

March 29, 2012
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Deerfield, Ill.-based Walgreen Co. reported that its second-quarter profits dropped to $683 million, down 7.7 percent from $739 million a year earlier. The company said profits dropped due to a mild flu season and the exit of customers from Express Scripts, Inc.


Deerfield, Ill.-based Walgreen Co. reported that its second-quarter profits dropped to $683 million, down 7.7 percent from $739 million a year earlier. The company said profits dropped due to a mild flu season and the exit of customers from Express Scripts, Inc.
 
Citing a goal of creating something “completely new and unique,” CEO Gregory D. Wasson said private label products were among the ways his company was repositioning itself in the drugstore marketplace.
 
“We’re combining cutting-edge design with an improved product assortment and developing the right mix of health care, beauty, fresh food and private brand solutions to more closely meet the needs of our communities,” Wasson said on a conference call with analysts. “It’s clear we’re stepping out of the traditional drugstore format to create something completely new and unique.”
 
Wasson said the company was moving forward on its strategy to transform the drugstore chain to “a healthy and daily living destination.” That includes changing nearly 200 drugstores to its Well Experience format, with the goal of creating “an experience unmatched in the industry, and one that is flexible enough to accommodate every community.”
 
 

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