The Walgreen Co. now operates five stores in the Snohomish County area. Se Grainger Development will construct this $1.25 million Walgreens, marking the area's sixth store.
According to a company spokesperson, Walgreens plans to add 14,000 new jobs, open 475 new stores, spend $1.3 billion in capital expenditures and open two new distribution centers during fiscal 2002. Walgreens is on pace to have more than 6,000 stores by 2010.
Walgreens opened a record 134 new stores in the first quarter, versus 126 new stores in last year's first quarter. With store growth continuing at a record pace, expenses as a percent to sales fell as they were spread over a larger store base. First quarter selling, general and administrative costs dropped 49 basis points, from 21.92 to 21.43 as a percent to sales.
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