Drug store chain operator Walgreen Company (WAG) on Wednesday posted disappointing September sales numbers, hurt largely by new generic drug introductions.
The Deerfield, IL-based company said September same-store sales fell 11.1% percent in September, while analysts had expected a much better 7.5% drop. Same-store sales are a key metric used to measure a retailer’s health, since they only take into account sales at stores open at least one year.
Total sales, which include newly-established stores, fell 7.8% from last year to $5.48 billion.
Walgreen shares fell 63 cents, or -1.7%, in premarket trading Wednesday.
The Bottom Line
Shares of Walgreen (WAG) have a 2.98% dividend yield, based on last night’s closing stock price of $36.91. The stock has technical support in the $32 price area. If the shares can firm up, we see overhead resistance around the $36-$38 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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