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WALGREEN Rx VOLUME ADVANCES 24% IN SECOND QUARTER; DRUGSTORE SALES UP 12%

Executive Summary

Walgreen's prescription drug sales rose 24.1% for the three months (ended Feb. 28) and 24.4% for the first six months of fiscal 1989. "Third party prescription plans are becoming an increasing percentage of the pharmacy business," the drug chain noted in its sales and earnings report released April 12. Walgreen said it plans to expand its on-line pharmacy computers in anticipation of a sharp rise Rx drug sales resulting from the Medicare Catastrophic Care Act. To date, the firm has installed satellite antennas in 590 of its 1,449 drugstores in order to reduce transmission time for claims processing. Walgreen reported a 9.3% sales increase in the second quarter to $ 1.48 bil. Six month sales were up 9% to $ 2.7 bil. For six months, drugstore sales were up 12%, Walgreen said. Volume for drug stores open at least one year rose 8.8% in the six-month period. Net earnings increased 20.6% to $ 57.3 mil. for the quarter and were up 23.7% to $ 82 mil. for the six month period. Chart omitted.
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