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WALGREEN CO. REPORTS RECORD SALES, EARNINGS FOR FIRST QUARTER 1993

 DEERFIELD, Ill., Jan. 4 /PRNewswire/ -- Walgreen Co. (NYSE: WAG) announced today that it had record sales and earnings for the first quarter of fiscal 1993.
 Sales for the quarter ended Nov. 30, 1992, increased 12.0 percent to $1,914,630,000. Pharmacy again led the sales advance, increasing 13.8 percent. First-quarter sales in comparable stores (those open one year or more) advanced a strong 8.1 percent.
 Net earnings for the same period advanced 13.6 percent to $40,258,000 or 33 cents per share, compared with earnings of $35,449,000 or 29 cents per share last year.
 "Our expansion continues to accelerate -- we plan to open a record 130 full-service stores in fiscal 1993," said Chairman Charles R. Walgreen III. "Consumer response has been excellent to the seven drugstores opened Oct. 4 in our newest market, Indianapolis. These stores continue to exceed expectations and increase our confidence in entering new markets in the future."
 Walgreens opened 36 new drugstores in the first quarter, compared to 28 in the first quarter of 1992.
 On Dec. 15, Walgreens redeemed all $100 million of its 9-1/2 percent sinking fund debentures, due in 2016. "This effectively eliminates Walgreens long-term debt and will save as much as $6 million per year in net interest expense," said President L. Daniel Jorndt. The early call premium will have an impact of 3 cents per share on the company's earnings in the second quarter, which ends Feb. 28, 1993.
 Walgreens was named by Forbes magazine in its Jan. 4 "Annual Report on American Industry" as one of America's 21 "most nimble" companies. Forbes defines that as a company that avoids large layers of management, keeps close to its customers, puts a premium on quality and service and is "fanatical" about keeping costs down.
 At Dec. 31, Walgreens operated 1,761 stores in 29 states and Puerto Rico, vs. 1,671 a year ago.
 WALGREEN CO.
 Comparative Condensed Statements of Earnings
 (Unaudited, in thousands, except per share data)
 Quarter ended Nov. 30: 1992 1991 Pct. chg.
 Net sales $1,914,630 $1,708,731 12.0
 Net earnings 40,258 35,449 13.6
 Net earnings per share (A) $.33 $.29 13.8
 Dividends declared per share .15 .13 15.4
 (A) -- The weighted average number of common shares and equivalents used for calculating primary net earnings per share was 123,737,000 and 123,658,000 for the quarters ended Nov. 30, 1992 and 1991, respectively. Fully diluted net earnings per share are the same as primary net earnings per share.
 -0- 1/4/93
 /CONTACT: Laurie L. Meyer of Walgreen Co., 708-940-2930/
 (WAG)


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

TS -- NY027 -- 1224 01/04/93 10:09 EST
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Date:Jan 4, 1993
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