Walgreen profit leaps 69% in Q4

Deerfield, Ill. -- Walgreen Co. reported Tuesday that profit for its fiscal fourth quarter surged 69%, in part due to gains from the $525 million sale of its pharmacy benefits management business Walgreens Health Initiatives during the quarter. Net income for the quarter ended Aug. 31 rose to $792 million, up from $470 million in the year-ago period and surpassing Wall Street expectations. Revenue rose 6.5% to $18 billion and same-store sales increased 4.4%. For the full fiscal year, Walgreen reported earnings of $2.71 billion on $72.18 billion in revenue. “Through constant innovation and effective execution of our key