Walgreen Profit Rises 31% in 1st Quarter

Walgreen Co. said fiscal first-quarter profit climbed 31%, the most in four years, spurred by sales of generic drugs and digital-photo processing. The retailer’s shares had their biggest gain in 19 months.

Net income at Deerfield, Ill.-based Walgreen, the nation’s top drugstore chain by sales, rose to $332.7 million, or 32 cents a share, from $254.9 million, or 25 cents, a year earlier. Sales in the period ended Nov. 30 rose 13% to $9.89 billion, the company said.

Shares of Walgreen rose $2.01, or 5.2%, to $40.38 on the NYSE.