U.S. drugstore chain Walgreen Co. reported a weaker-than-expected rise in July same-store sales, hurt by sales of lower-priced generic drugs and decreased sales of flu remedies.
Sales at drugstores open at least a year rose 0.4 percent compared to July 2009, less than the 1.6 percent expected by analysts, according to Thomson Reuters data.
The company, which operated 8,037 drugstores as of July 31, said same-store pharmacy sales were flat in July, while sales of general merchandise — snacks, cosmetics and other items — rose 1.1 percent.
Analysts expected same-story pharmacy sales to rise 1.2 percent and front-end sales to rise 2.5 percent.
Same-store sales numbers do not include Duane Reade stores, which Walgreen purchased earlier this year.
Walgreen reported total July sales of $5.58 billion, a 6.2 percent increase from July 2009.
