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WALGREEN REPORTS RECORD SALES, EARNINGS FOR THIRD QUARTER, 1992

 WALGREEN REPORTS RECORD SALES, EARNINGS FOR THIRD QUARTER, 1992
 DEERFIELD, Ill., June 29 /PRNewswire/ -- Walgreen Co. (NYSE: WAG) had record sales and earnings for the third quarter and first nine months of fiscal 1992.
 Sales for the quarter ended May 31, 1992 were up 10.7 percent to $1,885,968,000. Net earnings for the quarter advanced 14.8 percent to $56,571,000 or 46 per share, compared with earnings of $49,269,000 or 40 per share last year.
 Net sales for the first nine months rose 11.2 percent to $5,632,715,000, and net earnings increased 13.6 percent to $169,169,000 or $1.37 per share, compared with earnings of $148,901,000 or $1.21 per share last year.
 New store systems such as scanning and the Strategic Inventory Management System (SIMS), along with strong cost controls, continue to aid profitability.
 "Pharmacy sales continue to lead overall sales, advancing 15.7 percent for the third quarter and 16.6 percent for the first nine months," said L. Daniel Jorndt, president. "Prescription sales in comparable stores (stores open at least a year) were up 13.9 percent for the first nine months.
 "Walgreens Healthcare Plus, our pharmacy mail service business, recently signed three new mail service accounts: Alcoa Aluminum, the New York Times and USA Healthnet, the nation's largest PPO (preferred provider organization).
 "The alliance with USA Healthnet helps create the first national PPO pharmacy network to integrate both retail and mail order components."
 Walgreens expects to open 115 new drugstores during fiscal 1992, which would exceed its original projection. Seventy-eight new drugstores have opened to date.
 "Our strong financial position gives us confidence we can accelerate our store growth for the rest of the decade, with a goal of reaching 3,000 drugstores by the year 2000," said C.R. Walgreen III, chairman. "This growth plan will help strengthen Walgreens presence in existing markets and necessitate entering a number of new markets as well."
 At June 30, Walgreens operated 1,710 drugstores in 29 states and Puerto Rico, compared to 1,625 a year ago.
 WALGREEN CO.
 Comparative Condensed Statements of Earnings
 (Unaudited -- in thousands, except per share data)
 Periods ended Quarter
 May 31 1992 1991 Percent
 Change
 Net sales $1,885,968 $1,704,396 10.7
 Net earnings (A) $ 56,571 $ 49,269 14.8
 Net earnings
 per share (B) $ .46 $ .40 15.0
 Dividends declared
 per share $ .13 $ .115 13.0
 Periods ended Nine months
 May 31 1992 1991 Percent
 Change
 Net sales $5,632,715 $5,065,726 11.2
 Net earnings (A) $ 169,169 $ 148,901 13.6
 Net earnings
 per share (B) $ 1.37 $ 1.21 13.2
 Dividends declared
 per share $ .39 $ .345 13.0
 (A) Earnings for the nine-month period in 1991 were decreased by a one-time charge of $4,118,000 ($.02 per share) from closing the company's Memphis, Tenn., distribution center.
 (B) The weighted average number of common shares and equivalents used for calculating primary net earnings per share was 123,673,000 and 123,537,000 for the nine months ended May 31, 1992 and 1991, respectively. Fully diluted net earnings per share are the same as primary net earnings per share.
 -0- 6/29/92
 /CONTACT: Thomas L. Mammoser of Walgreen, 708-940-2920/
 (WAG) CO: Walgreen Co. ST: Illinois IN: REA SU: ERN


SH -- NY021 -- 4580 06/29/92 09:44 EDT
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Date:Jun 29, 1992
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