Walgreen Co.'s fiscal fourth quarter net income tumbled 55 percent compared to a year ago when the drugstore operator recorded a big business sale gain.
Its adjusted earnings still trumped Wall Street expectations. But shares of the nation's largest drugstore chain fell almost 2 percent in premarket trading Friday.
The Deerfield, Ill., company's stock price had climbed more than 17 percent in the quarter.
Walgreen said Friday that it absorbed a bigger inventory-related charge in this year's quarter and another charge due to a multi-billion dollar investment in European health and beauty retailer Alliance Boots. Walgreen also took another sales hit from a split with pharmacy benefits manager Express Scripts Holding Co. that shifted customers away from its stores.
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