DEERFIELD, Ill., June 24, 2014 - Walgreen Co. (NYSE: WAG) (NASDAQ: WAG) today announced earnings and sales results for the third quarter and first nine months of fiscal year 2014 ended May 31.
Net earnings determined in accordance with generally accepted accounting principles (GAAP) for the fiscal 2014 third quarter were $722 million, a 15.7 percent increase from $624 million in the same quarter a year ago. This year’s third quarter earnings benefited from a lower GAAP effective income tax rate. The lower rate of 31.5 percent compared with 38.7 percent last year resulted from increased foreign income taxed at a lower rate, favorable audit settlements, certain nondeductible expenses last year and other discrete events. Net earnings per diluted share for the quarter increased 15.4 percent to 75 cents, compared with 65 cents per diluted share in the year-ago quarter.