Walgreen fiscal 4Q profit soars 86 percent

Walgreen (WAG) says its fiscal fourth-quarter earnings soared 86 percent, as the nation's largest drugstore chain booked gains from inventory accounting and its acquisition of a stake in European health and beauty retailer Alliance Boots.

The Deerfield, Ill., company says it earned $657 million, or 69 cents per share, in the quarter. That compares with earnings of $353 million, or 39 cents per share, a year ago. Revenue climbed 5 percent to $17.94 billion.

Adjusted earnings totaled 73 cents per share.

Analysts forecast earnings of 72 cents per share on $17.96 billion in revenue.

Walgreen says it booked an $8 million benefit this year from its method of accounting for inventory, compared with a $132 million charge last year. It also recorded $124 million in equity earnings from Alliance Boots.