Walgreen (WAG) announced that profit for the fiscal first quarter fell to $413 million, or 43 cents per share, from $554 million, or 63 cents per share, versus the same period last year. Revenue fell by 4.6% to $17.32 billion from $18.16 billion. Brand-to-generic prescription conversions led to $883 million lower sales. Analysts had expected the company to earn 70 cents a share on sales of $17.43 billion.
Shares are lower in early trading.
Rival Rite Aid (NYSE:RAD) announced fiscal third-quarter earnings per share of 7 cents, versus a 6 cent loss last yea and beating estimates of a 4 cent loss. Revenue was $6.24 billion, a decline of 1.2 percent from the same period last year.
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