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NEW YORK — Walgreen Co. said Monday that its profit fell 10 percent in its fiscal first quarter, short of Wall Street expectations, because of the costs of opening more than 200 new drugstores.
The company said it plans to slow the opening of new stores to save $500 million in response to the recession.
The Deerfield, Ill., company said it earned $408 million, or 41 cents a share, in the three months ended Nov. 30. That total fell short of analyst expectations and compares with $456 million, or 46 cents a share, a year ago.
