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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