FINANCE

Walgreens Q1 profit falls

BY Marianne Wilson

New York — Walgreens fiscal first-quarter earnings dropped nearly 26% as costs tied to a couple big deals and Hurricane Sandy helped put a bigger-than-expected dent in the chain’s performance.

Walgreens earned $413 in the quarter million, compared with net income of $554 million in the year-ago period. Sales fell 4.6% to $17.32 billion, with same-store sales down 8%.

“During a quarter that included a number of non-operational items, as well as the ongoing Express Scripts impact, we saw the underlying performance of our business strengthen with improved gross profit margins and an upswing in comparable prescriptions filled in the quarter,” said Walgreens president and CEO Greg Wasson. “We also were pleased with the business performance of our strategic partner, Alliance Boots, and are on track to meet our first-year synergy targets with them. As I have said before, Walgreens and Alliance Boots both perform well in historically tough economic climates, and together we now are better positioned for growth.”

Walgreens also announced that it is reporting results from its investment in Alliance Boots on a one-quarter lag rather than a one-month lag period, as previously disclosed. This is intended to align the audit requirements for the investment and more efficiently address regulatory and audit considerations.

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R.Von says:
Mar-16-2013 04:32 am

The effect of the hurricane
The effect of the hurricane was really devastating,not just to the ordinary people but also to businesses which were hit by it. Hopefully, the affected companies like Walgreens will recover soon from the deficit. - Rich Von Alvensleben

R.Von says:
Mar-16-2013 04:32 am

The effect of the hurricane was really devastating,not just to the ordinary people but also to businesses which were hit by it. Hopefully, the affected companies like Walgreens will recover soon from the deficit. - Rich Von Alvensleben

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REAL ESTATE

Conn’s opens three HomePlus stores

BY Marianne Wilson

The Woodlands, Texas — Conn’s announced the opening of three Conn’s HomePlus stores in El Paso and Fort Worth, Texas, and Tucson, Arizona.

The new Conn’s HomePlus store format showcases furniture and mattresses in addition to the leading brands and the latest technologies in consumer electronics and home appliances.

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Mar-15-2013 12:11 pm

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Mar-15-2013 12:11 pm

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News

Domino helping out on the home front

BY CSA STAFF

ISELIN, N.J. — Domino Sugar has donated $50,000 to the American Red Cross for relief and rebuilding efforts in the Northeast following Hurricane Sandy.

Domino Sugar, which owns a refinery on the Hudson River in New York and whose sales office is headquartered in New Jersey, launched the first phase of its giving program over the Thanksgiving holiday with a donation to the American Red Cross of 30,200 lbs. of assorted Domino Sugar products. The food supplies were shipped from Domino Sugar’s Baltimore refinery and distributed to local food drives through the Community Food Bank of New Jersey.

"All of us that live in the storm-impacted areas have dealt with power-related outages, falling trees and in some cases, even surge flooding," said Brian O’Malley, president of Domino Foods. "Fortunately, even though our New York refinery was shut down for almost two weeks, our employees personally were spared the most severe havoc Hurricane Sandy brought to our tri-state community. But, not all in our communities were so fortunate. We witnessed the tremendous response of the American Red Cross, who were among the first on the scene providing assistance to those that lost literally everything. Our $50,000 donation to the Red Cross is another way to assist and thank them for the services they are providing, and also to give back in a meaningful way to our fellow citizens who continue to struggle in the aftermath of the storm."

Given the spirit of these efforts, Domino Sugar has also set up a microsite where its employees and partners can join the company in support of the American Red Cross at https://american.redcross.org/dominofoods-emp.

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