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Walgreen posts weaker-than-expected third-quarter earnings

The logo of Walgreens is seen at their Times Square store in New York December 17, 2012. REUTERS/Andrew Kelly
The logo of Walgreens is seen at their Times Square store in New York December 17, 2012. REUTERS/Andrew Kelly

(Reuters) - Walgreen Co reported weaker-than-expected quarterly results on Tuesday, citing slow front-end sales and a challenging economy.

Walgreen, the biggest U.S. drugstore chain, earned $624 million, or 65 cents per share, in the fiscal third quarter ended May 31, compared with a profit of $537 million, or 62 cents per share, a year earlier.

Excluding items, it earned 85 cents per share, while analysts, on average, expected 91 cents, according to Thomson Reuters I/B/E/S.

(Reporting by Atossa Araxia Abrahamian; Editing by Jeffrey Benkoe)

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