Walgreen’s income rose 42% to $18.8 million...

Walgreen’s income rose 42% to $18.8 million for its first fiscal quarter. The earnings increase was aided by a lower tax rate, the Deerfield, Ill., company said. Earnings were also helped by comparison with fiscal 1987’s first quarter, which was negatively affected by the new tax law and by start-up/renovation costs associated with Walgreen’s 66-store Medi Mart acquisition. Revenue increased 16.1% to $1.115 billion.

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