Walgreens to Open 550 Stores in Fiscal '08

DEERFIELD, Ill. - Walgreen Co. here said it plans to open 550 new drugstore locations over the next 12 months, adding to the more than 615 units it opened during fiscal 2007, which just closed.

Counting anticipated store closings, Walgreens said it expects to add 475 stores to its portfolio in fiscal 2008.

As of Aug. 31, 2007, Walgreens was operating 5,992 stores -- including 96 home care division locations, eight specialty pharmacies and three mail service facilities -- in 48 states and Puerto Rico, vs. 5,461 in the previous year.

For the 12 months ended Aug. 31, Walgreens total sales were $53.8 billion, up 13.4 percent from $47.4 billion, while same-store sales for fiscal 2007 increased 8.1 percent.

For the month of August, Walgreens' total sales rose 10.3 percent to $4.6 billion, while same-store sales rose 6.5 percent. Pharmacy sales were also up, by 9.9 percent overall in the month, and by 6.5 percent on a same-store basis.

Walgreens opened 101 stores during August, including 13 relocations, one closure, and 54 acquired stores, all but one of which were through its previously announced acquisition of Option Care, Inc.
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