-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Wa6Fq/UPVnhfQ0HmxBDc9OaLdolEnOEnA57JfwvWx33v9qv4x9Q/UmwjHd9HY/Wi eBP7XYh58ce4PsQDowBWBA== 0000104207-05-000001.txt : 20050105 0000104207-05-000001.hdr.sgml : 20050105 20050105092129 ACCESSION NUMBER: 0000104207-05-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20050105 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050105 DATE AS OF CHANGE: 20050105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WALGREEN CO CENTRAL INDEX KEY: 0000104207 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] IRS NUMBER: 361924025 STATE OF INCORPORATION: IL FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00604 FILM NUMBER: 05510515 BUSINESS ADDRESS: STREET 1: 200 WILMOT RD CITY: DEERFIELD STATE: IL ZIP: 60015 BUSINESS PHONE: 8479402500 MAIL ADDRESS: STREET 1: 200 WILMOT RD CITY: DEERFIELD STATE: IL ZIP: 60015 8-K 1 jan058k.htm 8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 3, 2005

WALGREEN CO.

(Exact name of registrant as specified in its charter)

Illinois

1-604

36-1924025

(State or other
jurisdiction of
incorporation)

(Commission File
Number)

(IRS Employer
Identification Number)

200 Wilmot Road, Deerfield, Illinois

60015

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (847) 914-2500

Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On January 3, 2005, Walgreen Co. issued a press release announcing financial results for the quarter ended November 30, 2004. A copy of this press release is attached hereto as Exhibit 99.1.

In addition to the issuance of a press release, Walgreen Co. also conducted a webcast and posted certain financial data on its website regarding results for the quarter ended November 30, 2004. A transcript of this webcast is attached hereto as Exhibit 99.2, and the financial data is attached hereto as Exhibit 99.3.

This information, including exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to this Form 8-K in such a filing.

 

 

 

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

The following exhibits are being furnished as part of this Form 8-K:

Exhibit
Number

Description

Exhibit 99.1

Press Release issued by Walgreen Co., dated January 3, 2005, announcing the results for the quarter ended November 30, 2004.

Exhibit 99.2

Transcript of Walgreen Co.'s January 3, 2005 Webcast regarding the results for the quarter ended November 30, 2004.

Exhibit 99.3

Financial data of Walgreen Co. regarding the results for the quarter ended November 30, 2004.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  

WALGREEN CO.

   

(Registrant)
   

_______________________
 

By:

/s/ William M. Rudolphsen
   

William M. Rudolphsen
   

Senior Vice President and

   

Chief Financial Officer
   

(Principal Financial Officer)

Date: January 5, 2005

    
EX-99.1 2 ex991.htm PRESS RELEASE

Contact: Michael Polzin

(847) 914-2925

FOR IMMEDIATE RELEASE INTERNET: http://www.walgreens.com

 

WALGREEN CO. REPORTS 30.5 PERCENT EARNINGS INCREASE

FOR FIRST QUARTER 2005

DEERFIELD, Ill., Jan. 3, 2005 - Walgreen Co. (NYSE, NASDAQ: WAG) today announced its largest quarterly earnings increase in the last 16 quarters and another record quarter of both sales and earnings for the first quarter of fiscal 2005.

Net earnings for the quarter ended Nov. 30 were up 30.5 percent to $332.7 million or 32 cents per share (diluted), from $254.9 million or 25 cents per share (diluted) in the same quarter a year ago. Excluding a pre-tax gain this quarter of $15.0 million or 1 cent per share (diluted) from litigation settlements, earnings rose 26.8 percent to $323.2 million or 31 cents per share (diluted).

Sales for the first quarter increased 13.4 percent to a record $9.9 billion. Total sales in comparable stores (those open more than a year) were up 9.4 percent in the quarter.

Prescription sales, which accounted for 65 percent of sales in the quarter, climbed 14.4 percent. Prescription sales in comparable stores rose 11.3 percent in the quarter. Third party plans now account for 93 percent of all prescription sales.

"Earnings this quarter were powered by solid prescription and general merchandise sales, as well as our second straight quarter of significantly higher gross profit margins," said Chairman and CEO Dave Bernauer.

Gross profit margins were up 101 basis points versus the year-ago quarter to 27.38 as a percent to sales, due to better purchasing terms, digital photofinishing and growth in generic drug sales.

"We're incurring significant costs with our conversion to digital labs," said President Jeff Rein, "but those are far outweighed by improved customer satisfaction and better gross profit.

(more)

- 2 -

Our convenient locations and hours make digital labs a particularly worthwhile investment for Walgreens."

All stores nationwide offer 4x6 photo-quality prints from digital cameras for just 29 cents per print - less than the cost of printing at home. "At more than 1,400 Walgreens open 24 hours, customers can get prints from their digital cameras any time they want - even at 3 a.m.," said Rein.

Costs associated with converting to digital photo labs and payroll to improve customer service contributed to selling, occupancy and administration expenses increasing 62 basis points to 22.35 as a percent to sales. Also impacting the SO&A ratio were lower-priced generic drugs that slowed the company's sales line.

Walgreens opened 111 new stores in the first quarter and plans to open about 450 new stores during fiscal 2005, for a net increase after closings and relocations of about 365 stores. At Nov. 30, Walgreens operated 4,680 drugstores in 44 states and Puerto Rico, versus 4,291 a year ago, for a net increase of 389. Walgreens is on track to operate 7,000 stores in 2010.

For additional information on the quarter's results, investors can listen to a recorded Webcast discussion on Walgreens Investor Relations Web site at: http://investor.walgreens.com.

This news release may contain forward-looking statements that involve risks and uncertainties. The following factors could cause results to differ materially from management expectations as projected in such forward-looking statements: seasonal variations, competition, risks of new business areas, the availability and cost of real estate and construction, and changes in federal or state legislation or regulations. Investors are referred to the "Cautionary Note Regarding Forward-Looking Statements" in the Company's most recent Form 10-K, which Note is incorporated into this news release by reference.

(more)

- 3 -

WALGREEN CO.

COMPARATIVE CONDENSED STATEMENTS OF EARNINGS

(Unaudited: in millions, except per share data)

QUARTER ENDED

Nov. 30

2004

Nov. 30

2003

Percent

Change

Net sales

$ 9,889.1

$ 8,720.8

13.4%

Earnings before taxes (A)

$ 517.7

$ 407.8

26.9%

Income taxes (B)

$ (185.0)

$ (152.9)

  

Net earnings (A)

$ 332.7

$ 254.9

30.5%

Net earnings per share (A)
Basic
Diluted


$ .33
$ .32


$ .25
$ .25


32.0%
28.0%

Dividends declared per share

$ .0525

$ .04313

21.7%

Average shares outstanding
Basic
Diluted


1,022.6
1,029.4


1,025.0
1,032.2

  

  1. Fiscal 2005 first quarter includes a $15.0 million pre-tax ($9.5 million after-tax) gain for litigation settlements. Excluding this gain, earnings for the fiscal 2005 first quarter increased 26.8 percent to $323.2 million or 31 cents per share (diluted).
  2. Fiscal 2005 first quarter results included an effective income tax rate of 35.73 percent versus 37.50 percent for the same period last year. The decrease primarily resulted from the settlement of prior year Internal Revenue Service matters.

# # # # #

 EX-99.2 3 ex992.htm WEBCAST TRANSCRIPT

Walgreen Co. Webcast

First Quarter Ending Nov. 30, 2004

Jan. 3, 2005

Hello, and a very happy new year to everyone! Welcome to Walgreens audio webcast for the first quarter ending Nov. 30, 2004. I'm Rick Hans, Walgreens Director of Finance, and I'd like to thank you for tuning in. We invite you to use this information in conjunction with the press release and other financial information posted on our web site.

Safe Harbor Language

Before we begin, I'd like to go over the safe harbor language. Certain statements and projections of future results made in this presentation constitute forward-looking information that is based on current market, competitive and regulatory expectations that involve risk and uncertainty. Please see pages 4 and 5 of our Form 10-K for the fiscal year ended August 31, 2004, for a discussion of factors as they relate to forward-looking statements.

[Preliminary and unaudited]

Sales and Earnings

Today we announced a strong start to fiscal 2005 with our best quarterly earnings increase in 16 quarters. First quarter earnings were up 30.5 percent to $332.7 million, or 32 cents per share (diluted). That came on a sales increase of 13.4 percent to $9.9 billion. Excluding a pre-tax gain this quarter from litigation settlements of $15.0 million or 1 cent per share (diluted), earnings rose 26.8 percent to $323.2 million or 31 cents per share (diluted).

Comparable sales

Taking a closer look at our sales, total comparable store sales - for stores open more than a year - were up 9.4 percent in the quarter, while front-end comparable store sales rose 6.1 percent.

Comparable pharmacy sales in the quarter were up 11.3 percent, while total pharmacy sales climbed 14.4 percent.

On top of our same store sales growth, we opened 111 new stores in the first quarter, compared to 85 in the year-ago period. That brought our store count as of Nov. 30 to 4,680, a net increase of 389 stores from the same period last year. We plan to open about 450 new stores this fiscal year, for a net increase after store relocations and closings of about 365. We're also on track to reach our goal of operating more than 7,000 stores in 2010.

SO&A and Gross Profit Margins

For the second straight quarter, we reported a strong increase in gross profit margins, which were up 101 basis points to 27.38 as a percent to sales. Better purchasing terms, higher photofinishing margins thanks to more in-store and digital printing, and growth in generic drug sales all led to the increase.

The conversion to more efficient digital photo labs isn't cheap, though. Besides the price of the new labs, we're also incurring costs from retiring the leases for our old analog labs and from the added payroll required to bring nearly all of our photofinishing work in-store. These costs led in part to selling, occupancy and administration expenses increasing 62 basis points to 22.35 as a percent to sales.

Essentially, the move from analog to digital labs reduces our cost of goods but adds to our labor expense line. But the bottom line is better service, a competitive advantage and better overall net profitability.

Before leaving our discussion of expenses, I want to point out that lower-priced generic drugs slowed our sales line by more than 2 percentage points, which impacted SO&A expenses as a percent to sales. We also opened 26 more stores this quarter than the same quarter a year ago.

Tax Rate

The effective annual tax rate for the first quarter this year was 35.73 percent, compared to 37.50 percent in last year's first quarter. The decrease primarily resulted from the settlement of prior year Internal Revenue Service matters. We expect that our effective income tax rate for the remainder of fiscal 2005 will be 37.25 percent.

From the Balance Sheet and Statements of Cash Flows

The consolidated balance sheet and statements of cash flows can be found at investor.walgreens.com, under the tab, "Financials." Cash increased from $1.16 billion at the end of last year's first quarter to $1.31 billion at the end of this year's first quarter.

LIFO inventories were $5.58 billion, a 15.4 percent increase from the year ago quarter and a slightly higher increase than our sales in the quarter. Contributing to the increase was the inventory investment in our new Moreno Valley, Calif., distribution center that opened in May and isn't comparable to the previous year.

Two other numbers to highlight from the balance sheet are accounts receivable and accounts payable. Accounts receivable increased 19.5 percent, primarily due to the growth rate of third party prescription sales. Meanwhile, accounts payable increased 10.2 percent, mainly due to the timing of payments.

Wrapup

We're excited to jump out to a fast start in fiscal 2005, especially considering the flu season will hit later this year compared to a year ago. One thing we know is that the cold-flu season will come each year. It's just a matter of when and over what period of time. Last season, it seemed everyone caught the flu from late November through December. This year, the flu is acting more like the 2001-02 and 2002-03 seasons, with a gradual buildup throughout the winter months. We believe it should all just about balance out in the end.

The story this quarter is one of continued investment in the future of our business, while at the same time executing today's strategy effectively. It's a potent 1-2 punch that sets us apart in the industry. For the future, we're adding stores and investing in equipment such as digital photo labs, now in nearly 75 percent of our stores, to further distinguish ourselves from the competition. For today, we're operating more 24 hour stores, improving store locations (more than 80 percent are now freestanding) and serving customers with new features like large-print prescription information sheets.

Thank you for listening. Our next earnings announcement, for the second quarter of fiscal 2005, is scheduled for March 28th. Once again, thanks for being a Walgreen shareholder, and remember, "You're Always Welcome at Walgreens!"

# # # # # # #

EX-99.3 4 ex993.htm FINANCIAL DATA
                     
                     
                     
                     
  COMPARATIVE INCOME STATEMENT   1st Qtr Ending: 11/30/2004      
        Amounts in Millions Favorable/Unfavorable      
  PRELIMINARY   This Year Last Year Amount Pct      
                     
  Net Sales    9,889.1 8,720.8 1,168.3 13.4%      
                     
  Costs and Deductions                 
    Cost of Sales   7,181.2 6,420.7 -760.5 -11.8%      
    Selling, Occupancy & Admin   2,210.3 1,895.1 -315.2 -16.6%      
                     
  Operating Income    497.6 405.0 92.6 22.9%      
                     
    Net Other, Income(Expense)[1][2]   20.1 2.8 17.3 617.9%      
                     
  Earnings Before Taxes    517.7 407.8 109.9 26.9%      
                     
    Income Taxes [3]   185.0 152.9 -32.1 -21.0%      
                     
  Earnings After Taxes    332.7 254.9 77.8 30.5%      
                     
                     
  [1] Included: 2nd Qtr-2004, Two drug antitrust litigation settlements totaling of $12.7; 3rd Qtr: $3.0; 4th Qtr: $0.6        
  [2] Included: 1st Qtr-2005, Drug antitrust litigation settlement of $15.0            
  [3] Effective Income Tax Rate 1st Qtr-2005, 35.73%, 1st Qtr-2004, 37.50%            
                     
                     
                     
                     
                     
                     
                     
                     
  Earnings Per Share - Basic    $ 0.33 $ 0.25 $ 0.08 32.0%      
    Before Drug Litigation   $ 0.32 $ 0.25 $ 0.07 28.0%      
  Earnings Per Share - Diluted    $ 0.32 $ 0.25 $ 0.07 28.0%      
    Before Drug Litigation   $ 0.31 $ 0.25 $ 0.06 24.0%      
                     
  Dividends Per Share    $ 0.05250 $ 0.04313 $ 0.00937 21.7%      
                    
  Weighted Avg Shares Basic    1,022.6 1,025.0          
  Weighted Avg Shares Diluted    1,029.4 1,032.2          
  Return on Avg Shareholder Equity [1][2]    3.9% 3.5%          
                    
  Effective Income Tax Rate    35.73% 37.50%          
  LIFO Charge/(Credit)    18.5 20.1          
                     
                     
                     
                     
                     
                     
  INCOME STATEMENT SUMMARY   1st Qtr Ending: 11/30/2004        
        % of % to Sales        
  PRELIMINARY   Chg 2004 2003        
                     
  Net Sales    13.4% 100.00 100.00        
                     
  Costs and Deductions                 
    Cost of Sales   11.8% 72.62 73.63        
    Selling, Occupancy & Admin   16.6% 22.35 21.73        
    Sub-Total   12.9% 94.97 95.36        
                     
  Earnings Before Other Income    22.9% 5.03 4.64        
                     
    Net Other, Income(Expense)[1][2]   617.9% 0.21 0.04        
                     
  Earnings Before Taxes    26.9% 5.24 4.68        
                     
    Effective Income Tax Rate     35.73% 37.50%        
                     
  Earnings After Taxes    30.5% 3.36 2.92        
                     
                     
                     
  [1] Included: 2nd Qtr-2004, Two drug antitrust litigation settlements totaling of $12.7; 3rd Qtr: $3.0; 4th Qtr: $0.6        
  [2] Included: 1st Qtr-2005, Drug antitrust litigation settlement of $15.0            
                     
                     

                                                     
                      PRELIMINARY                     CONTINUING OPERATIONS
                                                     
                                                     
      Total   Percent Change in Sales   Key Operating Ratios   Other Items   Company Income and Return on Sales        
      Company   Total Drug Stores   Gross   Op   Net Other     Pre-Tax Tax Income After Taxes        
  Period   Sales   Co Total Comp Est   Profit SGA Income   Interest Income % Sales   % Sales Rate Amount % Sales % Chg        
                                                     
                                                   
      Amounts in Millions                                   Other Income: Antitrust Litigation Settlements        
  01-Q1   5,614.2   16.4 16.4 10.8 9.1   26.51 21.92 4.59   0.0 0.0 0.00   4.59 38.51 158.4 2.82 23.9        
  01-Q2   6,429.0   14.6 14.6 8.7 6.6   27.55 20.44 7.11   0.8 22.1 0.35   7.46 38.12 296.9 4.62 24.3        
  01-Q3   6,296.2   16.7 16.7 11.3 8.8   26.23 20.74 5.49   0.0 0.0 0.00   5.49 38.23 213.4 3.39 10.2        
  01-Q4   6,283.6   16.8 16.8 11.2 8.4   26.47 21.09 5.38   1.5 0.0 0.03   5.41 36.17 216.9 3.45 0.1        
                                                     
  2001   24,623.0   16.1 16.1 10.5 8.4   26.70 21.02 5.68   2.3 22.1 0.10   5.78 37.75 885.6 3.60 14.0        
                                                     
      Amounts in Millions                                   Other Income: Antitrust Litigation Settlements        
  02-Q1   6,559.4   16.8 16.8 10.7 8.7   25.88 21.43 4.45   1.2 5.5 0.10   4.55 37.75 185.9 2.83 17.4        
  02-Q2   7,488.5   16.5 16.5 10.2 7.8   27.16 20.17 6.99   1.2 0.0 0.02   7.01 37.75 326.6 4.36 10.0        
  02-Q3   7,397.9   17.5 17.5 11.5 8.7   26.19 20.59 5.60   1.9 0.0 0.02   5.62 37.75 259.0 3.50 21.4        
  02-Q4   7,235.3   15.1 15.2 9.4 6.5   26.76 21.30 5.46   2.6 0.7 0.04   5.50 37.75 247.7 3.42 14.2        
                                                     
  2002   28,681.1   16.5 16.5 10.5 8.1   26.51 20.85 5.66   6.9 6.2 0.05   5.71 37.75 1,019.2 3.55 15.1        
                                                     
      Amounts in Millions                                   Other Income: Antitrust Litigation Settlements        
  03-Q1   7,484.9   14.1 14.1 8.6 6.9   26.66 21.95 4.71   2.6 16.7 0.26   4.97 37.75 231.6 3.09 24.6        
  03-Q2   8,446.1   12.8 12.8 7.7 5.8   27.80 20.78 7.02   2.3 0.3 0.03   7.05 37.75 370.9 4.39 13.6        
  03-Q3   8,328.0   12.6 12.6 8.2 6.1   26.78 21.25 5.53   3.0 12.0 0.18   5.71 37.75 296.1 3.56 14.3        
  03-Q4   8,246.4   14.0 14.0 9.9 7.5   26.99 21.63 5.36   2.9 0.6 0.04   5.40 37.75 277.1 3.36 11.9        
                                                     
  2003   32,505.4   13.3 13.3 8.6 6.6   27.07 21.38 5.69   10.8 29.6 0.12   5.81 37.75 1,175.7 3.62 15.4        
                                                     
      Amounts in Millions                                   Other Income: Antitrust Litigation Settlements        
  04-Q1   8,720.8   16.5 16.5 11.9 10.4   26.37 21.73 4.64   2.8 0.0 0.04   4.68 37.50 254.9 2.92 10.1        
  04-Q2   9,782.2   15.8 15.8 11.5 9.9   27.66 20.74 6.92   4.0 12.7 0.17   7.09 37.50 433.5 4.43 16.9        
  04-Q3   9,578.5   15.0 15.0 10.4 8.7   26.92 21.23 5.69   3.6 3.0 0.07   5.76 37.50 344.6 3.60 16.4        
  04-Q4   9,426.7   14.3 14.3 9.7 7.8   27.73 22.26 5.47   6.9 0.6 0.08   5.55 37.50 327.2 3.47 18.1        
                                                     
  2004   37,508.2   15.4 15.4 10.9 9.3   27.19 21.48 5.71   17.3 16.3 0.09   5.80 37.50 1,360.2 3.63 15.7        
                                                     
      Amounts in Millions                                   Other Income: Antitrust Litigation Settlements        
  05-Q1   9,889.1   13.4 13.4 9.4 7.9   27.38 22.35 5.03   5.1 15.0 0.21   5.24 35.73 332.7 3.36 30.5        
  05-Q2                                                  
  05-Q3                                                  
  05-Q4                                                  
                                                     
  2005   9,889.1   13.4 13.4 9.4 7.9   27.38 22.35 5.03   5.1 15.0 0.21   5.24 35.73 332.7 3.36 30.5        
                                                     

                                 
                        STORE COUNT AND MONTHLY SALES INCREASES
                                 
                                 
                      PRELIMINARY        
  Number of Drug Stores                             
              Six       Nine       Total  
        1st Qtr 2nd Qtr   Mos   3rd Qtr   Mos   4th Qtr   Year  
                                 
  2000-01 Start of Period   3,165 3,260   3,165   3,343   3,165   3,424   3,165  
    Opened   126 112   238   105   343   131   474  
    Relocation   -30 -26   -56   -19   -75   -30   -105  
    Closed   -1 -3   -4   -5   -9   -5   -14  
    End of Period   3,260 3,343   3,343   3,424   3,424   3,520   3,520  
                                 
  2001-02 Start of Period   3,520 3,623   3,520   3,678   3,520   3,766   3,520  
    Opened   134 76   210   109   319   152   471  
    Relocation   -29 -14   -43   -19   -62   -31   -93  
    Closed   -2 -7   -9   -2   -11   -4   -15  
    End of Period   3,623 3,678   3,678   3,766   3,766   3,883   3,883  
                                 
  2002-03 Start of Period   3,883 3,954   3,883   3,998   3,883   4,050   3,883  
    Opened   92 62   154   67   221   209   430  
    Relocation   -20 -11   -31   -13   -44   -31   -75  
    Closed   -1 -7   -8   -2   -10   -1   -11  
    End of Period   3,954 3,998   3,998   4,050   4,050   4,227   4,227  
                                 
  2003-04 Start of Period   4,227 4,291   4,227   4,336   4,227   4,414   4,227  
    Opened   85 55   140   88   228   208   436  
    Relocation   -20 -6   -26   -9   -35   -34   -69  
    Closed   -1 -4   -5   -1   -6   -6   -12  
    End of Period   4,291 4,336   4,336   4,414   4,414   4,582   4,582  
                                 
  2004-05 Start of Period   4,582                        
    Opened   111                        
    Relocation   -10                        
    Closed   -3                        
    End of Period   4,680                        
                                 
                                 
  Monthly Sales Percent Increases                          
                                 
        Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Year
                                 
    2000-01   16.1 17.2 15.8 8.9 21.8 15.1 17.3 16.9 16.0 14.8 18.2 17.3 16.1
    2001-02   15.0 19.1 16.2 14.1 17.3 18.6 18.5 16.7 17.4 15.5 16.9 16.5 16.5
    2002-03   17.2 13.3 12.2 13.4 12.7 15.9 10.2 15.2 12.4 14.4 13.7 13.8 13.3
    2003-04   17.8 16.6 15.3 17.7 13.2 16.3 17.4 15.1 12.6 15.5 13.4 14.1 15.4
    2004-05   13.2 11.8 15.2                   13.4
                                 

                               
                      PRELIMINARY        
                               
                               
  INTERIM HIGHLIGHTS         Six       Nine       Total
        1st Qtr 2nd Qtr   Mos   3rd Qtr   Mos   4th Qtr   Year
                               
  Total Sales 2000-01   5,614.2 6,429.0   12,043.2   6,296.2   18,339.4   6,283.6   24,623.0
  (In Millions) 2001-02   6,559.4 7,488.5   14,047.9   7,397.9   21,445.8   7,235.3   28,681.1
    2002-03   7,484.9 8,446.1   15,931.0   8,328.0   24,259.0   8,246.4   32,505.4
    2003-04   8,720.8 9,782.2   18,503.0   9,578.5   28,081.5   9,426.7   37,508.2
    2004-05   9,889.1                      
                               
  % of Increase 2000-01   16.4% 14.6%   15.4%   16.7%   15.9%   16.8%   16.1%
    2001-02   16.8% 16.5%   16.6%   17.5%   16.9%   15.1%   16.5%
    2002-03   14.1% 12.8%   13.4%   12.6%   13.1%   14.0%   13.3%
    2003-04   16.5% 15.8%   16.1%   15.0%   15.8%   14.3%   15.4%
    2004-05   13.4%                      
                               
  Net Income 2000-01   158.4 296.9   455.3   213.4   668.7   216.9   885.6
  [1][2][3] 2001-02   185.9 326.6   512.5   259.0   771.5   247.7   1,019.2
  (In Millions) 2002-03   231.6 370.9   602.5   296.1   898.6   277.1   1,175.7
    2003-04   254.9 433.5   688.4   344.6   1,033.0   327.2   1,360.2
    2004-05   332.7                      
                               
                               
  % of Increase 2000-01   23.9% 24.3%   24.2%   10.2%   19.3%   0.1%   14.0%
  [1][2][3] 2001-02   17.4% 10.0%   12.6%   21.4%   15.4%   14.2%   15.1%
    2002-03   24.6% 13.6%   17.6%   14.3%   16.5%   11.9%   15.4%
    2003-04   10.1% 16.9%   14.3%   16.4%   15.0%   18.1%   15.7%
    2004-05   30.5%                      
                               
  Diluted [1]     Earnings Per Share Data Adjusted For Splits
  Earnings Per Share 2000-01   $ 0.15 $ 0.29   $ 0.44   $ 0.21   $ 0.65   $ 0.21   $ 0.86
  Before Drug Litigation     $ 0.15 $ 0.28   $ 0.43   $ 0.21   $ 0.64   $ 0.21   $ 0.85
    2001-02   $ 0.18 $ 0.32   $ 0.50   $ 0.25   $ 0.75   $ 0.24   $ 0.99
  Before Drug Litigation     $ 0.18 $ 0.32   $ 0.49   $ 0.25   $ 0.74   $ 0.24   $ 0.98
    2002-03   $ 0.22 $ 0.36   $ 0.58   $ 0.29   $ 0.87   $ 0.27   $ 1.14
  Before Drug Litigation     $ 0.21 $ 0.36   $ 0.57   $ 0.28   $ 0.85   $ 0.27   $ 1.12
    2003-04   $ 0.25 $ 0.42   $ 0.67   $ 0.33   $ 1.00   $ 0.32   $ 1.32
  Before Drug Litigation     $ 0.25 $ 0.41   $ 0.66   $ 0.33   $ 0.99   $ 0.32   $ 1.31
    2004-05   $ 0.32          
  Before Drug Litigation     $ 0.31          
                               
    [1] Antitrust Litigations     2000   2001   2002   2003   2004   2005
        1st Qtr         5.5   16.7       15.0
        2nd Qtr     22.1       0.3   12.7 *  
        3rd Qtr             12.0   3.0    
        4th Qtr 33.5       0.7   0.6   0.6    
  * Two settlements                            

                             
                      PRELIMINARY    
                             
                             
  CONSOLIDATED BALANCE SHEET [1]   November 30         November 30
          2004   2003         2004   2003
  Current Assets             Current Liabilities        
                             
    Cash & Equivalents    1,313.4   1,162.8     Short Term Borrowings  0.0   0.0
    Accounts Receivable, Less Allowance    1,315.7   1,101.0     Trade Accounts Payable   3,203.1   2,905.4
    Inventories    5,582.5   4,838.6     Other Current Liabilities   1,235.6   1,070.0
    Other Current Assets    173.5   129.3     Income Taxes   206.3   202.5
      Total Current Assets   8,385.1   7,231.7       Total Current Liabilities 4,645.0   4,177.9
                             
  Non-Current Assets             Non-Current Liabilities        
                             
    Property and Equipment    5,638.4   5,049.7     Deferred Income Taxes  330.7   238.5
    Other Non-Current Assets    126.2   110.3     Other Non-Current Liabilities  755.9   600.6
      Total Non-Current Assets   5,764.6   5,160.0       Total Non-Current Liabilities 1,086.6   839.1
                             
                  Total Liabilities   5,731.6   5,017.0
                             
                  Shareholder Equity   8,418.1   7,374.7
                             
  Total Assets     14,149.7   12,391.7   Total Liabilities & Equity   14,149.7   12,391.7
                             
                             
                             
                             
                             
                             
                             
  STATEMENT OF CASH FLOWS [1]   November 30         November 30
          2004   2003         2004   2003
  Cash Flows From Operating Activities             Provided/(Used) by Invest & Finance         
                             
    Net Income    332.7   254.9     Property, Plant & Equipment  (305.2)   (203.6)
    Depreciation & Amortization    110.6   90.7     Employee Stock Plan Proceeds  31.6   34.5
    Inc Tax Savings From Employee Stock Plans    4.0   9.4     Property & Equip Disp and Other  0.2   0.4
    Deferred Income Taxes    (5.5)   6.9     Cash Dividends   (53.8)   (44.2)
    Other    15.6   7.4     Stock Purchases   (119.3)   (58.2)
                    Changes in Short Term Borrowings  0.0   0.0
                    Net Proceeds from Corp Owned Life Ins  0.0   0.0
                    Other   1.4   (7.6)
  Changes in Current Assets & Liabilities:                        
    Inventory    (843.9)   (636.0)              
    Trade Accounts Payable    561.6   497.6              
    Accrued Expenses & Liabilities    (140.9)   (100.1)              
    Income Taxes    140.4   96.7   Provided/(Used) by Invest & Finance   (445.1)   (278.7)
    Accounts Receivable    (142.7)   (95.2)              
    Insurance Reserve    35.0   46.5     Changes In Cash & Equivalents  (382.1)   (105.2)
    Other Current Assets    (3.9)   (5.3)     Beginning Cash & Equivalents  1,695.5   1,268.0
                             
  Provided/(Used) for Operating Activities     63.0   173.5   Cash & Equivalents at End of Period   1,313.4   1,162.8
                             

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