Walgreen 3Q Profit Jumps But Misses Expectations
Walgreen’s fiscal third quarter earnings jumped 16 percent compared with last year, aided in part by a lower income tax rate, but the nation’s largest drugstore chain missed Wall Street’s expectations. The Deerfield, Illinois, company’s shares slid almost 2 percent about an hour before markets opened and after it announced results Tuesday morning. Walgreen said an increase in foreign income helped knock its tax rate down to 31.5 percent, compared with 38.7 percent last year.
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