Walgreens posts strong Q4 earnings, delays $9.4B Rite Aid deal

Deerfield, Ill.-based Walgreens Boots Alliance saw profits increase in the fourth quarter of 2016, according to The New York Times.

Walgreens' revenue was nearly flat year over year, but the company saw a significant spike in earnings. Walgreens reported earnings of $1.03 billion for the fourth quarter of 2016, up from earnings of $26 million in the same period of the year prior, according to the report.

Walgreens announced plans last October to buy Camp Hill, Pa.-based Rite Aid Corp. for about $9.4 million. On Thursday, Walgreens said it expects for the deal to close in early 2017, rather than by the end of 2016, according to the report.

The Federal Trade Commission is reviewing the transaction, but Walgreens Executive Vice Chairman and CEO Stefano Pessina said the company is working in collaboration with federal regulators, according to the report.

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