Generic Troubles Wallop Walgreen

Walgreen shares tumbled 11% early Monday after the drugstore chain posted a fourth-quarter profit that missed estimates, as results were hurt by lower reimbursements on generic drugs.

For the quarter ended Aug. 31, Walgreen earned $396.5 million, or 40 cents a share, down from $412.3 million, or 41 cents a share, a year earlier.

Analysts polled by Thomson Financial expected earnings of 47 cents a share.

Sales rose to $13.42 billion from $12.17 billion a year earlier, missing analysts' average forecast of $13.54 billion.

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- Posted: 2007-10-01 10:20:18

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