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Walgreen announces sales up 12.8 percent

The Deerfield, Ill.-based Walgreen Co. reported record sales and earnings for both the second quarter and the first half of fiscal 2003. Net earnings were up 13.6 percent to $370.9 million from $326.6 million a year ago. Sales increased by 12.8 percent to $8.4 billion for the second quarter and 13.4

percent to $15.9 billion for the first half. Same-store sales were up 7.7 percent in the quarter. Prescriptions were up 17.8 percent, which accounts for 59 percent of sales in the quarter. "We're anticipating opening 425 new stores this year, with a net increase of 345, slightly under our original projection," says Jeff Rein, Walgreen president. "We remain on target to open 450 stores in fiscal 2004 and to operate 7,000 stores by 2010."

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