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WALGREEN CO. REPORTS RECORD SALES, EARNINGS FOR THIRD QUARTER, FIRST NINE MONTHS OF 1993

 DEERFIELD, Ill., June 28 /PRNewswire/ -- Walgreen Co. (NYSE: WAG) today reported record sales and earnings for the third quarter and first nine months of fiscal 1993.
 Net sales for the quarter ended May 31, 1993, were up 10.6 percent to $2,085,255,000, while net earnings advanced 13.8 percent to $64,395,000 or 52 cents per share, compared with earnings of $56,571,000 or 46 cents per share last year.
 Net sales for the first nine months rose 11.1 percent to $6,257,806,000, and net earnings increased 11.6 percent to $188,866,000 or $1.53 per share, compared with earnings of $169,169,000 or $1.37 per share last year.
 Sales in comparable stores (those open one year or more) advanced 5.8 percent for the quarter and 6.6 percent for the nine months.
 Pharmacy again led sales advances, increasing 16.3 percent for the quarter and 15.1 percent for the nine months. Prescription sales for comparable stores (those open at least one year) were up 11.1 percent for the quarter and 11.2 percent for the nine months.
 "Three Walgreen RxPress stores opened in a new market, Spokane, Wash., in June and are doing very well," said C.R. Walgreen III, chairman. "These 1,600-square-foot stores -- linked by satellite to the entire Walgreen chain -- fill prescriptions and stock 650 of the most popular over-the-counter health items. The three Spokane stores bring the total number of RxPress units to 14.
 "In May we announced another new market entry for Walgreens -- Cleveland and Akron-Canton. Plans call for simultaneous opening of 20 stores in this market by the end of 1994. This will be Walgreens most aggressive entry into a new market, other than by acquisition, in our 92-year history."
 President L. Daniel Jorndt added, "We continue to perform consistently well in the extremely competitive retail arena and to invest heavily in the expansion, technology and customer service which will ensure our leadership position into the next century."
 At May 31, Walgreens operated 1,789 drugstores in 29 states and Puerto Rico, compared to 1,704 a year ago.
 WALGREEN CO.
 COMPARATIVE CONDENSED STATEMENTS OF EARNINGS
 (Unaudited: in thousands, except per share data)
 QUARTER ENDED
 May 31 May 31 Percent
 1993 1992 Change
 Net sales $2,085,255 $1,885,968 10.6
 Net earnings $ 64,395 $ 56,571 13.8
 Net earnings
 per share (A) $ .52 $ .46 13.0
 Dividends declared
 per share $ .15 $ .13 15.4
 NINE MONTHS ENDED
 May 31 May 31 Percent
 1993 1992 Change
 Net sales $6,257,806 $5,632,715 11.1
 Net earnings $ 188,866 $ 169,169 11.6
 Net earnings
 per share (A) $ 1.53 $ 1.37 11.7
 Dividends declared
 per share $ .45 $ .39 15.4
 (A) -- The weighted average number of common shares and equivalents used for calculating primary net earnings per share was 123,741,000 and 123,673,000 for the nine months ended May 31, 1993 and May 31, 1992, respectively. Fully diluted net earnings per share are the same as primary net earnings per share.
 -0- 6/28/93
 /CONTACT: Laurie L. Meyer of Walgreen Co., 708-940-2930/
 (WAG)


CO: Walgreen Co. ST: Illinois IN: REA SU: ERN

BM -- CL010 -- 6125 06/28/93 09:24 EDT
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Date:Jun 28, 1993
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