First Trade Date for Walgreen Co.
| Company Name | First Trade Date (yyyy-mm-dd) |
| Walgreen Co. | 1952-12-16 |
| Company Name | Symbol |
| Walgreen Co. | WAG |
| History and Business of Company (this information may include date of incorporation) | |
|
Walgreen Co. (The "company" or "Walgreens"), the nation's largest drugstore chain, recorded its 29th year of consecutive sales and earnings growth. During the year, the company opened 430 stores while 86 were closed, 75 of which involved relocations to more convenient locations. The total number of stores at August 31, 2003 was 4,224 located in 44 states and Puerto Rico. In addition, the company operates three mail service facilities. The company anticipates operating more than 7,000 stores by 2010. To support store expansion, a new distribution center was opened in Perrysburg, Ohio in May. Another distribution center is under construction in Southern California and is scheduled to open in spring 2004. Prescription sales continue to become a larger portion of the company's business. This year prescriptions accounted for 62.0% of sales compared to 59.8% last year. Third party sales were 90.6% of prescription sales compared to 89.8% a year ago. Pharmacy sales trends are expected to continue to grow, due in part to the aging population, but even more to the development of innovative drugs that will improve quality of life and help control health costs. Pharmacy sales in the United States are expected to grow almost 250 percent - to $446 billion in the next decade. As state governments continue their attempts to reduce Medicaid reimbursement levels, we continue to evaluate the impact of these reimbursement rates on profitability on a case by case basis. During fiscal 2003, market share in 55 of the top 60 front-end categories increased, as compared to all food, drug and mass merchandise competitors. Almost 40 percent of American households shopped at Walgreens in 2002, according to A.C. Nielsen research - an 18 percent increase over two years. During fiscal year 2003 the company spent $795.1 million on capital expenditures, which includes approximately $541.5 million related to stores, $163.1 million for distribution centers, and $90.5 million related to other corporate items. Capital expenditures for fiscal 2004 are expected to exceed $1 billion. | |
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