Walgreen Co. (NYSE:WAG) shares are falling this morning dropping nearly 7.5% and down $3.12 to 38.85 heading into midday trading. Nearly 18 million shares have been traded so far, up from the average daily volume of 6.7 million shares.
This downturn is due in large part to Walgreen’s fiscal second quarter missed meeting analysts expectations. While increasing 4.1% Walgreen’s fell short of the 4.4% that analyst predicted for Walgreen’s same-store sales. Non-pharmacy and prescription same-store sales also fell short of estimates.
Walgreen’s continues to push toward its competitors, mainly CVS Caremark (NYSE:CVS). While Walgreens has an edge in retail stores with more than 7,600 to CVS’s 7,025. They still fall behind CVS in the prescription drug market where CVS leads with more than 1 billion prescriptions filled annually.
About Walgreen Co.
Walgreen Co., together with its subsidiaries, engages in the operation of a chain of drugstores in the United States. The company’s drugstores sell prescription and non-prescription drugs, and general merchandise. Its general merchandise comprises household products, convenience foods, and seasonal items, as well as personal care, beauty care, candy, and photofinishing products.