News Summary: Walgreen 1Q profit drops 26 pct

News Summary: Drugstore chain Walgreen's 1Q profit drops 26 percent on costs of deals, Sandy

Associated Press

BIG DROP: Walgreen Co. said Friday its fiscal first-quarter earnings sank nearly 26 percent as costs tied to a couple big deals and Superstorm Sandy put a bigger-than-expected dent in the drugstore chain's performance.

THE DETAILS: Walgreen earned $413 million, or 43 cents per share. That compares with net income of $554 million, or 63 cents per share, a year ago. Excluding one-time costs, adjusted earnings were 58 cents per share.

THE EXPECTATION: Analysts forecast, on average, earnings of 70 cents per share, according to FactSet.

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