Sales were up 12.8% from the same period last year. Walgreens' net earnings rose 13.7%, to $490.9 million during the quarter. The results were slightly impacted by a $3 million expense due to, like most retailers, a change in the chain's lease accounting methods.
Pharmacy sales accounted for 61.2% of the Walgreens' total transactions, down slightly from the previous quarter because the company's Q2 includes holiday sales, when more front-end items are acquired in stores. The chain gained market share in all 56 of its core categories, Hans says.
Walgreens is on track to open 450 stores this year, up from 402 last year. So far in its fiscal year, the company has opened 178 units. The chain currently operates 4,738 stores and company executives plan to have a total of 7,000 units by 2010.
Walgreens has expanded its program of offering 90-day refills, due to customer demand for that service. Additionally, Hans announced that Walgreens will begin supporting the health plan of Ovations, a UnitedHealth insurance group, in 2006. The company is also installing new digital photo labs in its stores.
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