Walgreen higher after reporting in-line results

Walgreen (WAG) reports front-end comparable store sales rose 2.4% in FQ1.

The drugstore operator saw a mild 0.2% increase in traffic, but the average basket size during the period was 2.2% higher Y/Y.

Prescription sales were up 7.3%.

On Alliance Boots: The acquisition contributed $0.14 to Walgreen's bottom line, half of which was a deferred tax adjustment. The company estimates that the accretion from Alliance Boots in FQ2 will be $0.07-$0.08.

WAG +1.6% premarket.

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