Walgreen’s Profit Rises 21% on Sales

Walgreen Co.’s third-quarter earnings rose 21% as the largest U.S. drugstore chain added stores and filled more prescriptions.

Net income increased to $259 million, or 25 cents a share, from $213.4 million, or 21 cents, a year earlier, Walgreen said. Sales in the quarter ended May 31 rose 17% to $7.4 billion.

Walgreen has taken customers from CVS Corp. and Rite Aid Corp., which are struggling to absorb acquisitions, analysts and investors said.

The shares of Deerfield, Ill.-based Walgreen fell $1.18 to $37.05 on the NYSE.