2 Top Drugstores at 52-Week Lows

Walgreens , Rite Aid at 52-week lows. The Walgreens conference call ended earlier. Bottom line:

1) same store sales for the quarter ending in May were up only 0.1 percent compared to the same period last year; it was noted numerous times that the weak economy continued to impact discretionary spending.

2) flu season was not as strong as anticipated;

3) prescription reimbursement pressure continues.

One interesting comment, around lower prescription revenue: "in this sluggish economy, finances are an important cause of lower adherence to prescription medication."

Rite Aid reports tomorrow.

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