Deerfield, Ill. – Net earnings for Walgreen Co. soared in both the fourth quarter and full fiscal year 2013. Net earnings during the fourth quarter totaled $657 million, an 86.4% increase from $353 million in the same quarter a year ago, while net earnings for the full year rose 15.2% to $2.5 billion, from $2.1 billion.
Net sales for Walgreen Co. also rose in both the fourth quarter and full fiscal year 2013. Net sales for the quarter grew 5.1% from about $17.1 billion to $17.9 billion, while net sales for the full year grew by 0.8% to $72.2 billion, from $71.6 billion.
Walgreens beat Wall Street projections for net earnings. The company cited success in its pharmacy business and Balance loyalty rewards program, partnerships with Alliance Boots and AmerisourceBergen, as well as cost control measures, as key drivers of its strong performance.
“Our solid results, especially in the latter part of the quarter, round out a year of steady progress on our long-term growth strategies to create a well experience, transform community pharmacy and establish an efficient global platform with our strategic partner Alliance Boots and with our long-term relationship with AmerisourceBergen,” said Walgreens president and CEO Greg Wasson.