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WALGREENS ANNOUNCES 18TH CONSECUTIVE YEAR OF RECORD SALES, EARNINGS

 WALGREENS ANNOUNCES 18TH CONSECUTIVE YEAR OF RECORD SALES, EARNINGS
 DEERFIELD, Ill., Oct. 5 /PRNewswire/ -- Walgreen Co. (NYSE: WAG) achieved its 18th consecutive year of record sales and earnings in fiscal 1992.
 Sales for the fiscal year ended Aug. 31 increased 11.0 percent to $7.47 billion, and net earnings advanced 13.2 percent to $220,628,000 or $1.78 per share, compared with $1.58 per share last year.
 Fourth quarter sales of $1,842,246,000 were up 10.5 percent from last year's $1,667,318,000. Net earnings rose 11.7 percent to $51,459,000 or 41 per share, compared with $46,064,000 or 37 per share last year.
 Walgreens opened a record 124 new drugstores in fiscal 1992 and acquired 4 stores. "We were able to expand while still controlling expenses," said Chairman Charles R. Walgreen III.
 "We lowered our headquarters and store salary expenses as a percent of sales for the year," said Walgreen. "This expense control is important for our future. We have a lot of growth planned, and we want it to be profitable growth.
 "Pharmacy sales advanced 16.2 percent for the year and again led our sales increase", noted Walgreen. "Pharmacy is 37 percent of our total sales today." Pharmacy sales in comparable stores (those open at least one year) were up 13.7 percent for the year.
 "We're in an accelerating expansion mode," said President L. Daniel Jorndt. "We plan to add 130 full-service drugstores and as many as 10 RxPress (pharmacy-only) stores in fiscal 1993. These new stores will add over 3,000 new jobs to our economy, and as much as $50 million in payroll." Jorndt said RxPress stores will open next spring in a new market for Walgreens -- Spokane, Washington.
 Walgreens opened a new, 40,000 square foot pharmacy mail service distribution center in Orlando, Florida in September. "This facility is absolutely state-of-the-art," said Jorndt. "Its present capability of 5,000 prescriptions per day will help us service the new business being generated by Walgreens Healthcare Plus, our pharmacy mail service subsidiary."
 New accounts of Healthcare Plus include ALCOA, Glidden, Premark, The New York Times and USA Healthnet, the nation's largest preferred provider organization.
 Over the past five years, Walgreens has invested more than $700 million in new and remodeled stores, advanced systems and distribution centers. Capital spending is expected to reach $200 million for fiscal 1993.
 At fiscal year-end Walgreens operated 1,736 stores in 29 states and Puerto Rico. The company expects to be operating 3,000 drugstores throughout the country by the year 2000.
 "We're looking forward to fiscal 1993 and beyond," said Mr. Walgreen. "Despite a highly competitive retail environment, I feel our company has the people, the financial resources and the systems to prosper in the 1990s."
 WALGREEN CO.
 Comparative Condensed Statements of Earnings
 (unaudited -- in thousands, except per share data)
 Periods ended Quarter Year
 Aug. 31 Pct. Pct.
 1992 1991 Change 1992 1991 Change
 Net sales $1,842,246 $1,667,318 10.5 $7,474,961 $6,733,044 11.0
 Net
 earnings(A) 51,459 46,064 11.7 220,628 194,965 13.2
 Net earnings
 per share(B) $.41 $.37 10.8 $1.78 $1.58 12.7
 Dividends
 declared per
 share .130 .115 13.0 .52 .46 13.0
 (A) Earnings for the fiscal year 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 123,671,000 and 123,582,000 for the years ended Aug. 31, 1992 and 1991, respectively. Fully diluted net earnings per share are the same as primary net earnings per share.
 -0- 10/5/92
 /CONTACT: Thomas L. Mammoser of Walgreen Co., 708-940-2920/
 (WAG) CO: Walgreen Co. ST: Illinois IN: REA SU: ERN


SH -- NY028 -- 6454 10/05/92 09:39 EDT
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Date:Oct 5, 1992
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