Pharmacy chain operator Walgreen Company (WAG) on Friday posted a significant downturn in July sales, hurt partially by lower-priced generic drugs.
The Deerfield, IL-based company reported July same-store sales fell 7%. Same-store sales are an important metric used to measure a retailer’s performance, since they only track sales at stores open at least one year.
Overall July sales at all stores fell 3.7% from last year to $5.59 billion. WAG cited new generic drug introductions as the main factor in the comparable and total sales declines.
Walgreen shares were mostly flat in premarket trading Friday.
The Bottom Line
Shares of Walgreen Company (WAG) have a 3.08% dividend yield, based on last night’s closing stock price of $35.75. The stock has technical support in the $31-$32 price area. If the shares can firm up, we see overhead resistance around the $36-$37 price levels.
Walgreen Company (WAG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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