Walgreen Co. reported Monday that its first-quarter profits rose 19 percent in the quarter ended Nov. 30.
Net income rose to $489 million, or 49 cents a diluted share, from $408 million, or 41 cents, in the year-ago period. On average, Wall Street analysts had expected EPS of 48 cents a share, according to Yahoo Finance.
Quarterly revenues reached $16.36 billion, increasing 9.5 percent from $14.95 billion a year ago. Same-store sales were up 4.9 percent.
“We’re extremely pleased to report solid, double-digit earnings growth,” said Greg Wasson, president and chief executive officer of Walgreens. “We remain confident we can continue to generate strong cash flow, which provides us the financial strength and flexibility to continue investments in our core strategies while returning cash to shareholders.”
Cash flow from operations for the quarter more than tripled over last year’s quarter to $1.2 billion, the firm stated, driven by improved working capital and drugstore performance.