Wednesday, October 25, 2017

Walgreens Q4 tops Street; will spend $750 million-plus to rebrand Rite Aid stores

The nation’s largest drug store chain topped analysts’ expectations in its fourth quarter despite a 22% drop in profit related to break-up fees over its abandoned Rite Aid deal.

Walgreens Boots Alliance’s earnings dropped 22% to $802 million in the quarter ended Aug. 31. Earnings were impacted by more than $300 million in termination fees and costs related to the company’s drawn-out acquisition of rival Rite Aid Corp., which it called off in June amid regulatory concerns. Walgreens went on to enter a deal to purchase 1,932 stores from Rite Aid, or nearly half the chain.. . . more

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