Walgreen says a key revenue metric fell 10 percent in June

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By The Associated Press

Walgreen says a key revenue metric fell 10 percent in June as it took another step to battle a sales slump by acquiring a regional drugstore chain.

The sales slump has been driven largely by its split with pharmacy benefits manager Express Scripts.

The Deerfield, Ill., company says it will spend about $438 million to buy a 144-store chain focused on the mid-South from Stephen L. LaFrance Holdings.

Walgreen says revenue from stores open at least a year sank 10 percent last month as generic drug sales and the Express Scripts split continued to hurt business. Walgreen had filled prescriptions for Express Scripts, but their contract expired several months ago.

Last month, Walgreen said it will pay $6.7 billion for a stake in European health and beauty retailer Alliance Boots.

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