Walgreens' quarterly sales soar 6.5 percent

Walgreens (NYSE: WAG) sales for the third quarter of fiscal 2014, which ended May 31, rose 6.5 percent to $19.49 billion, thanks to a spike in pharmacy sales, prescriptions filled, and front-end comparable sales. The numbers were released ahead of the retailer's fiscal third quarter conference call on June 24.

Prescriptions filled at comparable stores increased 4.0 percent in the quarter and comparable pharmacy sales rose 6.8 percent. Comparable store sales increased 5.1 percent, while front-end comparable store sales for the quarter increased 2.2 percent.

In addition, the national drug store chain's pharmacy sales increased by 7.9 percent in May, accounting for 64.2 percent of Walgreens' total sales for the month. Comparable store pharmacy sales increased 5.5 percent and increased by a calendar day-shift adjusted 7.6 percent. Plus, prescriptions filled at comparable stores increased by 3.5 percent in May and increased 5.6 percent on a calendar day-shift adjusted basis.

Meanwhile, total front-end sales increased 3 percent in May, compared with the same month in fiscal 2013, while comparable store front-end sales increased 2.6 percent.

However, customer traffic in comparable stores decreased 0.5 percent while basket size increased 3.1 percent and calendar day shifts negatively impacted pharmacy sales in comparable stores by 2.1 percentage points, according to a statement from the company.

"Calendar day-shift adjusted comparable store pharmacy sales were negatively impacted by 1.3 percentage points due to generic drug introductions in the last 12 months," the statement said.

For more see:
-This Benzinga article

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