Net income, sales climb at Walgreens.

Net income, sales climb at Walgreens

DEERFIELD, Ill.--Double-digit growth in same-store sales and effective expense controls carried Walgreen Co. to a 16.2% increase in first quarter earnings to $28.7 million from $24.7 million a year earlier.

Sales for the three months ended November 30 advanced 14.9% to $1.39 billion from $1.21 billion in last year's first quarter, sparked by a 10.7% jump in same-store volume. Prescription sales, which now account for nearly one-third of corporate volume, were up 21.5% chainwide over the prior-year level.

Walgreens' ability to pump additional volume out of its stores and keep operating expenses in check helped …