8-K/A

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

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

Date of Report (Date of earliest event reported): September 29, 2003

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 IdentificationNumber)

200 Wilmot Road, Deerfield, Illinois	60015
(Address of principal executive offices)	(Zip Code)

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

This Current Report on Form 8-K/A is filed in order to make technical corrections to the Current Report on Form 8-K filed on October 1, 2003.

Item 7. Financial Statements and Exhibits

(c) 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 September 29, 2003, announcing the results for the quarter and fiscal year ended August 31, 2003.
Exhibit 99.2	Transcript of Walgreen Co.’s September 29, 2003 Webcast regarding the results for the quarter and fiscal year ended August 31, 2003.
Exhibit 99.3	Financial data of Walgreen Co. regarding the results for the quarter and fiscal year ended August 31, 2003.

Item 12. Results of Operations and Financial Condition

On September 29, 2003, Walgreen Co. issued a press release announcing financial results for the quarter and fiscal year ended August 31, 2003. 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 and fiscal year ended August 31, 2003. 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.

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/ Roger L. Polark
	Roger L. Polark
	Senior Vice President and
	Chief Financial Officer
	(Principal Financial Officer)

Date: October 1, 2003

Exhibit Index

Exhibit Number	Description
Exhibit 99.1	Press Release issued by Walgreen Co., dated September 29, 2003, announcing the results for the quarter and fiscal year ended August 31, 2003.
Exhibit 99.2	Transcript of Walgreen Co.’s September 29, 2003 Webcast regarding the results for the quarter and fiscal year ended August 31, 2003.
Exhibit 99.3	Financial data of Walgreen Co. regarding the results for the quarter and fiscal year ended August 31, 2003.

EX-99.1

Contact: Michael Polzin

(847) 914-2925

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

WALGREEN CO. REPORTS RECORD FOURTH QUARTER AND

29^TH CONSECUTIVE YEAR OF RECORD SALES, EARNINGS

DEERFIELD, Ill., Sept. 29, 2003 – Walgreen Co. (NYSE: WAG) today announced record sales and earnings for the fourth quarter and fiscal year 2003, ending Aug. 31. This marks the 29^th consecutive year of record results for the nation’s largest drugstore chain. Walgreens also continued its industry-leading expansion during the year, opening 430 new stores, including 209 in the fourth quarter alone.

Net earnings for the fourth quarter were up 11.9 percent to $277.1 million or 27 cents per share (diluted) versus last year’s $247.7 million or 24 cents per share. Fiscal year net earnings increased 15.4 percent to $1.176 billion or $1.14 per share (diluted) versus last year’s $1.019 billion or 99 cents per share. Excluding gains of $29.6 million this year and $6.2 million last year from litigation settlements, fiscal year earnings rose 14.0 percent to $1.157 billion or $1.12 per share (diluted) from last year’s $1.015 billion or 98 cents per share.

This year’s LIFO inflation index came in under 1 percent, resulting in a fourth quarter LIFO credit of $19.5 million, versus a credit of $9.9 million last year. The lower index reflects more generic drug price decreases and some deflation among non-pharmacy inventories.

Chairman and CEO David Bernauer said, "The absence of price increases amplifies the challenge for retailers to grow earnings. Yet we continue to post double-digit increases. Most important is to look at what we take to the bank. Our percent of earnings to sales has increased over the last 10 years from 3.05 percent to 3.62 percent."

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Sales rose 14.0 percent to $8.2 billion for the fourth quarter and 13.3 percent to $32.5 billion for the year. Total sales in comparable stores (those open more than a year) were up 9.9 percent for the quarter and 8.6 percent for the year. Prescriptions, which accounted for 62 percent of sales in fiscal 2003, climbed 17.1 percent in the fourth quarter and 17.4 percent for the year. Prescription sales in comparable stores rose 13.6 percent in the quarter and 13.2 percent for the year. Walgreens filled 400 million prescriptions in 2003, an increase of 10.7 percent from the previous year.

"We had a strong fourth quarter, as non-pharmacy sales bounced back," said Bernauer. "We also opened a record 127 new stores in August alone, and our store opening program is on track to reach 7,000 stores by 2010."

Walgreens also continues to gain market share across nearly all product categories. In the 52-week period ending Aug. 9, Walgreens gained market share against all food, drug and mass merchandise competitors in 55 of its top 60 product categories. "We’ve placed more emphasis on in-stock conditions and customer service, which we believe have fueled our increases in non-pharmacy sales and market share," said Walgreens President Jeff Rein. "And we’ve increased our 24-hour locations from 900 to 1,112 over the last year – nearly a 24 percent increase."

Among new services Walgreens plans is digital camera prints available at all stores nationwide by the end of December. Customers will be able to bring in their digital camera memory card or CD and receive 4-by-6 prints for just 29 cents each. "Getting prints from your digital camera will be as easy and inexpensive as developing a roll of film," said Rein, "and less expensive than printing at home."

Walgreens is budgeting more than $1 billion in capital investments for the new fiscal year, including expenditures for new stores and a new distribution center in Southern California, the fourth to open in the last two years. The company anticipates a fiscal 2004 net increase of approximately 365 stores after closing and relocations. The goal for total openings in the year is approximately 450.

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Major areas for store expansion in 2004 include California, the Carolinas, Florida, Texas and the state of Washington. "Our growth created 10,000 new jobs in fiscal 2003, and we’ll create a similar number of new jobs in fiscal 2004," said Rein.

Walgreens is growing its store base faster than its top three competitors combined. In 2003 Walgreens opened 344 net new stores (including store closings and relocations) versus a net gain of 117 stores for the next three largest chains combined. Freestanding locations now comprise 80 percent of Walgreens store base.

Driving the company’s growth is the increasing demand for prescription drugs. Prescription drug sales in the U.S. increased 11.3 percent to $183 billion in 2002 and are expected to reach $446 billion by 2012. "Use of prescription drugs will continue to boom this decade, and our growth means we’re ready for that increased business," said Bernauer.

Although selling, general and administration expenses increased 33 basis points in the fourth quarter to 21.63 percent of sales, that increase came as a result of new mandated accounting standards adopted in January 2003.

"With the turnaround in recent months of non-pharmacy sales and a strong back-to-school season, I’m very optimistic about the coming year," said Bernauer. "We have the right people, the right locations and the right products in place at the right time."

At Aug. 31, Walgreens operated 4,227 drugstores in 44 states and Puerto Rico, versus 3,883 a year ago.

For additional highlights on the quarter’s results, a recorded Webcast and other financial information are available 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-Q, which Note is incorporated into this news release by reference.

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WALGREEN CO.

COMPARATIVE CONDENSED STATEMENTS OF EARNINGS

(Unaudited: in millions, except per share data)

	QUARTER ENDED			YEAR ENDED
	August 31 2003	August 31 2002	Percent Change	August 31 2003	August 31 2002	Percent Change
Net sales	$ 8,246.4	$ 7,235.3	14.0%	$ 32,505.4	$ 28,681.1	13.3%
Earnings before taxes (A, B)	$ 445.2	$ 398.0	11.9%	$ 1,888.7	$ 1,637.3	15.4%
Income taxes	$ (168.1)	$ (150.3)		$ (713.0)	$ (618.1)
Net earnings (A)	$ 277.1	$ 247.7	11.9%	$ 1,175.7	$ 1,019.2	15.4%
Net earnings per share (A) Basic Diluted	$ .27 $ .27	$ .25 $ .24	8.0% 12.5%	$ 1.15 $ 1.14	$ 1.00 $ .99	15.0% 15.2%
Dividends declared per share	$ .04313	$ .03625	19.0%	$ .15563	$ .145	7.3%
Average shares outstanding Basic Diluted	1,024.9 1,031.7	1,024.5 1,033.7		1,024.9 1,031.6	1,022.6 1,032.3

1. Fiscal 2003 includes a $29.6 million pre-tax gain from litigation settlements. Fiscal 2002 includes a $6.2 million pre-tax gain from a litigation settlement. Excluding these gains, earnings for the year increased 14.0 percent to $1.157 billion or $1.12 per share from last year’s $1.015 billion or 98 cents per share (diluted).
   
2. In further explanation of, and supplementary to, the quarterly results, the LIFO provision for the fourth quarter was a credit of $19.5 million versus a credit of $9.9 million for the same period a year ago.

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EX-99.2

Walgreen Co. Webcast
Fourth Quarter Ending Aug. 31, 2003

Sept. 29, 2003

Hello, and welcome to Walgreens audio webcast for the fourth quarter and fiscal year ending Aug. 31, 2003. 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

First – 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 page 4 of our Form 10-K, dated August 31, 2002, for a discussion of factors as they relate to forward-looking statements.

[Preliminary and unaudited]

Sales and Earnings

Today we announced another record quarter and our 29^th consecutive year of both record sales and profits. Fiscal 2003 was a challenging year, as we faced a down economy, lower consumer confidence and war in Iraq. But we still posted a solid double-digit earnings increase, and sales this summer have been very encouraging.

We opened 430 new stores in the year, including 127 stores in August alone. Our store count at the end of the fiscal year stood at 4,227, a net increase of 344 stores from 2002. Meanwhile, our top three competitors combined increased their store count by just 117.

Walgreens prescription sales increased 17.4 percent for the year. And our total number of prescriptions filled increased 10.7 percent to 400 million – more than any other retailer in the country.

Our financial position is stronger than at any time in our company history. We have $3 billion in owned real estate, over $1 billion in the bank and are in a strong cash flow position.

With such a solid financial position and encouraging sales reports, we’re optimistic about the year ahead.

Looking over the income statement, you’ll see our sales for the fourth quarter ended Aug. 31 were up 14.0 percent to a record $8.2 billion. Net earnings for the quarter climbed 11.9 percent to $277.1 million or 27 cents per share, diluted.

Fiscal 2003 sales were up 13.3 percent to $32.5 billion, while fiscal year net earnings rose 15.4 percent to $1.176 billion or $1.14 per share, diluted. Excluding a $29.6 million gain this year and a $6.2 million gain last year for litigation settlements, earnings rose 14.0 percent to $1.157 billion or $1.12 per share, diluted, from last year’s $1.015 billion or 98 cents per share, diluted.

SG&A and Gross Profit Margins

Selling, general and administration expenses and gross profit margins were both affected by a new mandated accounting guideline that we adopted in January 2003. The guideline is from the Emerging Issues Task Force and is known as Issue No. 02-16. The guideline requires vendor allowances to be treated as a reduction of inventory cost unless specifically identified as reimbursement for other expenses. Any vendor allowances received in excess of those expenses also should be treated as a reduction of inventory cost.

Let’s look at how the new EITF guideline affected gross profit margins and SG&A for both the quarter and the year. In the fourth quarter, our gross profit margin increased 23 basis points, and the new EITF guideline alone caused the margin to increase by 26 basis points.

SG&A in the fourth quarter increased 33 basis points, and the EITF by itself caused our SG&A to go up 34 basis points.

For the entire 2003 fiscal year, our gross profit margin increased 55 basis points. The EITF, which was in effect for 8 months of the fiscal year, caused a 17 basis point increase in gross profit margin.

SG&A increased 53 basis points for the year, and the EITF accounted for 23 of those basis points during the 8 months it was in effect.

The new guideline is just one of the factors that impacted our gross profit margin and SG&A. Gross margins for the fourth quarter and the year also were hurt by a greater percent of our total sales coming from the pharmacy, which has lower margins than the front end, and by fewer new generics hitting the market.

On the other hand, gross profit margins were helped by better buying and negotiating on product costs and supplies, and by faster growth of high-margin products in the front end.

Tax Rate

The effective annual tax rate of 37.75 percent for the year is unchanged from a year ago.

From the Balance Sheet and Statements of Cash Flows

The consolidated balance sheet and statements of cash flows can be found on our Investor Relations Web site under the tab, "Financials." For the year, cash increased from $450 million to $1.017 billion as of Aug. 31.

LIFO inventories were $4.202 billion, a 15.3 percent increase from the year ago quarter.

The fourth quarter’s LIFO credit of $19.5 million was $9.6 million more than the year ago quarter. We experienced lower than expected inflation this year due to generic drug price decreases and some deflation among non-pharmacy inventories. The final LIFO rate for the year was 0.84 percent versus the 1.75 percent rate applied through the third quarter.

Finally on the statements of cash flows, capital expenditures in fiscal 2003 were $795.1 million compared to $934.4 million in 2002. The decrease is due mainly to fewer store real estate purchases this year.

Comparable Sales

Taking a closer look at our sales, total comparable store sales – for stores open more than a year - were up 9.9 percent in the quarter, while front-end comparable store sales rose 4.1 percent. For the year, comparable store sales increased 8.6 percent, while front-end comparable store sales rose 1.7 percent.

Pharmacy sales climbed 17.1 percent overall and 13.6 percent on a comparable store basis in the quarter. For the year, prescription sales increased 17.4 percent overall and 13.2 percent on a comparable store basis.

Wrapup

Despite the difficult retail environment, 2003 was another step forward for Walgreens. We’re on track to reach our goal of 7,000 stores by 2010. We’re opening more 24-hour stores to better serve our customers. We’re gaining market share in nearly all of our top 60 product categories. And our financial condition is as strong as it’s ever been.

Some industry watchers have expressed concern about a slowdown in prescriptions, but we see no evidence that this is a trend. In fact, we see nothing to suggest that prescription usage will be anything but robust in the decade to come. The slowdown seen in the industry since January is the result of a convergence of several unusual factors, including concerns about hormone-replacement therapy, major prescription-to-OTC switches such as Claritin and implementation of three-tier copays. Even with these factors, our total prescriptions filled in comparable stores increased 7.1 percent in the fourth quarter and 6.4 percent for the year.

The long-term outlook for prescription growth is as strong as ever. This is the best time in our history to expand, and we’re positioning ourselves for the surge in prescription usage that’s already under way.

Thank you for listening. Our next earnings announcement, for the first quarter of fiscal 2004, is scheduled for January 5^th. Once again, thanks for being a Walgreen shareholder, and remember, "You’re Always Welcome at Walgreens!"

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EX-99.3

COMPARATIVE INCOME STATEMENT		3 Months Ending: 08/31/2003				Year-to-Date Ending: 08/31/2003
		Amounts in Millions		Favorable/Unfavorable		Amounts in Millions		Favorable/Unfavorable
PRELIMINARY		This Year	Last Year	Amount	Pct	This Year	Last Year	Amount	Pct
Net Sales		8,246.4	7,235.3	1,011.1	14.0%	32,505.4	28,681.1	3,824.3	13.3%
Costs and Deductions
	Cost of Sales	6,021.0	5,299.3	-721.7	-13.6%	23,706.2	21,076.1	-2,630.1	-12.5%
	Selling, Occupancy & Admin	1,783.7	1,541.3	-242.4	-15.7%	6,950.9	5,980.8	-970.1	-16.2%
Operating Income		441.7	394.7	47.0	11.9%	1,848.3	1,624.2	224.1	13.8%
	Net Other, Income(Expense)[1][2]	3.5	3.3	0.2	6.1%	40.4	13.1	27.3	208.4%
Earnings Before Taxes		445.2	398.0	47.2	11.9%	1,888.7	1,637.3	251.4	15.4%
	Income Taxes	168.1	150.3	-17.8	-11.8%	713.0	618.1	-94.9	-15.4%
Earnings After Taxes		277.1	247.7	29.4	11.9%	1,175.7	1,019.2	156.5	15.4%
[1]	Income settlements of drug antitrust litigation: 1st Qtr-2002: $5.5; 4th Qtr-2002: $0.7
[2]	Included: 1st Qtr-2003, Two drug antitrust litigation settlements totaling $16.7; 2nd, 3rd & 4th Qtr-2003, Drug antitrust litigation settlement of
	$0.3, $12.0, and $0.6
Earnings Per Share - Basic		$ 0.27	$ 0.25	$ 0.02	8.0%	$ 1.15	$ 1.00	$ 0.15	15.0%
	Before Drug Litigation	$ 0.27	$ 0.24	$ 0.03	12.5%	$ 1.13	$ 0.99	$ 0.14	14.1%
Earnings Per Share - Diluted		$ 0.27	$ 0.24	$ 0.03	12.5%	$ 1.14	$ 0.99	$ 0.15	15.2%
	Before Drug Litigation	$ 0.27	$ 0.24	$ 0.03	12.5%	$ 1.12	$ 0.98	$ 0.14	14.3%
Dividends Per Share		$ 0.04313	$ 0.03625	$ 0.00688	19.0%	$ 0.15563	$ 0.14500	$ 0.01063	7.3%
Weighted Avg Shares Basic		1,024.9	1,024.5			1,024.9	1,022.6
Weighted Avg Shares Diluted		1,031.7	1,033.7			1,031.6	1,032.3
Return on Avg Shareholder Equity [1][2]		3.9%	4.0%			17.3%	17.7%
Effective Income Tax Rate		37.75%	37.75%			37.75%	37.75%
LIFO Charge/(Credit)		-19.5	-9.9			36.2	55.9

INCOME STATEMENT SUMMARY		1st Qtr Ended: 11/30/2002			2nd Qtr Ended: 02/28/2003			3rd Qtr Ended: 05/31/2003			4th Qtr Ended: 08/31/2003			12 Months Ended: 08/31/2003
		% of	% to Sales		% of	% to Sales		% of	% to Sales		% of	% to Sales		% of	% to Sales
PRELIMINARY		Chg	2002	2001	Chg	2003	2002	Chg	2003	2002	Chg	2003	2002	Chg	2003	2002
Net Sales		14.1%	100.00	100.00	12.8%	100.00	100.00	12.6%	100.00	100.00	14.0%	100.00	100.00	13.3%	100.00	100.00
Costs and Deductions
	Cost of Sales	12.9%	73.34	74.12	11.8%	72.20	72.84	11.7%	73.22	73.81	13.6%	73.01	73.24	12.5%	72.93	73.49
	Selling, Occupancy & Admin	16.9%	21.95	21.43	16.2%	20.78	20.17	16.2%	21.25	20.59	15.7%	21.63	21.30	16.2%	21.38	20.85
	Sub-Total	13.8%	95.29	95.55	12.7%	92.98	93.01	12.7%	94.47	94.40	14.1%	94.64	94.54	13.3%	94.31	94.34
Earnings Before Other Income		20.8%	4.71	4.45	13.3%	7.02	6.99	11.3%	5.53	5.60	11.9%	5.36	5.46	13.8%	5.69	5.66
	Net Other, Income(Expense)[1][2]	188.1%	0.26	0.10	116.7%	0.03	0.02	689.5%	0.18	0.02	6.1%	0.04	0.04	208.4%	0.12	0.05
Earnings Before Taxes		24.5%	4.97	4.55	13.6%	7.05	7.01	14.4%	5.71	5.62	11.9%	5.40	5.50	15.4%	5.81	5.71
	Effective Income Tax Rate		37.75%	37.75%		37.75%	37.75%		37.75%	37.75%		37.75%	37.75%		37.75%	37.75%
Earnings After Taxes		24.6%	3.09	2.83	13.6%	4.39	4.36	14.3%	3.56	3.50	11.9%	3.36	3.42	15.4%	3.62	3.55
[1]	Income settlements of drug antitrust litigation: 1st Qtr-2002: $5.5; 4th Qtr-2002: $0.7
[2]	Included: 1st Qtr-2003, Two drug antitrust litigation settlements totaling $16.7; 2nd, 3rd & 4th Qtr-2003, Drug antitrust litigation settlement of $0.3, $12.0, and $0.6

	CONTINUING OPERATIONS
								PRELIMINARY
	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
99-Q1	4,016.4	15.2	15.2	10.4	9.0	26.76	22.56	4.20	1.1	0.0	0.03	4.23	38.75	104.0	2.59	69.5
99-Q2	4,691.0	14.6	14.6	9.4	7.9	27.68	20.64	7.04	1.0	0.0	0.02	7.06	39.52	200.2	4.27	17.2
99-Q3	4,571.4	-35.3	-35.3	1.0	10.4	-54.57	-54.57	1.00	5.9	0.0	0.13	5.73	39.25	159.3	3.48	26.5
99-Q4	4,560.0	18.7	18.7	13.0	10.7	27.33	21.62	5.71	3.9	0.0	0.09	5.80	39.25	160.6	3.52	5.2
1999	17,838.8	16.5	16.5	11.2	9.8	27.25	21.55	5.69	11.9	0.0	0.07	5.76	39.25	624.1	3.50	22.2
	Amounts in Millions											Other Income: Antitrust Litigation Settlements
00-Q1	4,823.2	20.1	20.1	13.5	11.7	26.38	22.02	4.36	1.1	0.0	0.02	4.38	39.50	127.8	2.65	23.0
00-Q2	5,608.8	19.6	19.6	12.2	10.1	27.51	20.54	6.97	1.1	0.0	0.02	6.99	39.10	238.9	4.26	19.3
00-Q3	5,394.1	18.0	18.0	10.6	7.9	26.90	21.10	5.80	2.1	0.0	0.04	5.84	38.52	193.6	3.59	21.6
00-Q4	5,380.8	18.0	18.0	10.8	7.9	27.40	21.64	5.76	1.4	33.5	0.65	6.41	37.18	216.6	4.03	34.9
2000	21,206.9	18.9	18.9	11.7	9.6	27.07	21.30	5.77	5.7	33.5	0.19	5.96	38.50	776.9	3.66	24.5
	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

		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
1998-99	Start of Period	2,549	2,612		2,549		2,667		2,549		2,738		2,549
	Opened	80	80		160		104		264		122		386
	Relocation	-15	-17		-32		-30		-62		-34		-96
	Closed	-2	-8		-10		-3		-13		-5		-18
	End of Period	2,612	2,667		2,667		2,738		2,738		2,821		2,821
1999-00	Start of Period	2,821	2,894		2,821		2,967		2,821		3,051		2,821
	Opened	94	103		197		106		303		159		462
	Relocation	-19	-25		-44		-20		-64		-43		-107
	Closed	-2	-5		-7		-2		-9		-2		-11
	End of Period	2,894	2,967		2,967		3,051		3,051		3,165		3,165
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
Monthly Sales Percent Increases
		Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Year
	1998-99	15.8	14.5	15.5	12.9	13.6	18.0	21.0	15.0	16.9	18.9	17.6	19.7	16.5
	1999-00	19.6	18.5	22.2	22.2	16.7	19.0	15.5	17.7	20.8	17.9	16.5	19.6	18.9
	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

						PRELIMINARY
INTERIM HIGHLIGHTS				Six		Nine		Total
		1st Qtr	2nd Qtr	Mos	3rd Qtr	Mos	4th Qtr	Year
Total Sales	1998-99	4,016.4	4,691.0	8,707.4	4,571.4	13,278.8	4,560.0	17,838.8
(In Millions)	1999-00	4,823.2	5,608.8	10,432.0	5,394.1	15,826.1	5,380.8	21,206.9
	2000-01	5,614.2	6,429.0	12,043.2	6,296.2	18,339.4	6,283.6	24,623.0
	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
% of Increase	1998-99	15.2%	14.6%	14.9%	17.6%	15.8%	18.7%	16.5%
	1999-00	20.1%	19.6%	19.8%	18.0%	19.2%	18.0%	18.9%
	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%
Net Income [1][2]	1998-99	104.0	200.2	304.2	159.3	463.5	160.6	624.1
(In Millions)	1999-00	127.8	238.9	366.7	193.6	560.3	216.6	776.9
	2000-01	158.4	296.9	455.3	213.4	668.7	216.9	885.6
	2001-02	185.9	326.6	512.5	259.0	771.5	247.7	1,019.2
	2002-03	231.6	370.9	602.5	296.1	898.6	277.1	1,175.7
% of Increase [1][2]	1998-99	69.5%	17.2%	31.0%	26.5%	29.4%	5.2%	22.2%
	1999-00	23.0%	19.3%	20.5%	21.6%	20.9%	34.9%	24.5%
	2000-01	23.9%	24.3%	24.2%	10.2%	19.3%	0.1%	14.0%
	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%
Diluted [1][2]		Earnings Per Share Data Adjusted For Splits
Earnings Per Share	1998-99	$ 0.10	$ 0.20	$ 0.30	$ 0.16	$ 0.46	$ 0.16	$ 0.62
	1999-00	$ 0.13	$ 0.23	$ 0.36	$ 0.19	$ 0.55	$ 0.21	$ 0.76
Before Drug Litigation		$ 0.13	$ 0.23	$ 0.36	$ 0.19	$ 0.55	$ 0.19	$ 0.74
	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
[1] Income settlements of drug antitrust litigation: 4th Qtr-2000: $33.5; 2nd Qtr-2001: $22.1; 1st Qtr-2002: $5.5; 4th Qtr-2002: $0.7
[2] Income settlements of drug two antitrust litigation: 1st Qtr-2003: $16.7; 2nd, 3rd, $ 4th Qtr-2003, Drug antitrust litigation settlement of $0.3, $12.0, $0.6.

							PRELIMINARY
CONSOLIDATED BALANCE SHEET			August 31					August 31
			2003	2002				2003	2002
Current Assets					Current Liabilities
	Cash & Equivalents		1,017.1	449.9		Short Term Borrowings		0.0	0.0
	Accounts Receivable, Less Allowance		1,017.8	954.8		Trade Accounts Payable		2,077.0	1,836.4
	Inventories		4,202.7	3,645.2		Other Current Liabilities		1,237.7	1,017.9
	Other Current Assets		120.5	116.6		Income Taxes		105.8	100.9
		Total Current Assets	6,358.1	5,166.5			Total Current Liabilities	3,420.5	2,955.2
Non-Current Assets					Non-Current Liabilities
	Property and Equipment		4,940.0	4,591.4		Deferred Income Taxes		228.0	176.5
	Other Non-Current Assets		107.8	120.9		Other Non-Current Liabilities		561.7	516.9
		Total Non-Current Assets	5,047.8	4,712.3			Total Non-Current Liabilities	789.7	693.4
					Total Liabilities			4,210.2	3,648.6
					Shareholder Equity			7,195.7	6,230.2
Total Assets			11,405.9	9,878.8	Total Liabilities & Equity			11,405.9	9,878.8
STATEMENT OF CASH FLOWS			August 31					August 31
			2003	2002				2003	2002
Cash Flows From Operating Activities					Provided/(Used) by Invest & Finance
	Net Income		1,175.7	1,019.2		Property, Plant & Equipment		(795.1)	(934.4)
	Depreciation & Amortization		346.1	307.3		Employee Stock Purchase and Options		(67.2)	111.1
	Inc Tax Savings From Employee Stock Plans		24.4	56.8		Property & Equip Disp and Other		84.5	368.1
	Deferred Income Taxes		58.9	22.9		Cash Dividends		(152.4)	(147.0)
	Other		29.2	(8.6)		Net Proceeds From Corp Owned Life Ins		8.4	14.4
						Changes in Short Term Borrowings		0.0	(440.7)
						Other		(2.5)	(12.3)
Changes in Current Assets & Liabilities:
	Inventory		(557.5)	(162.8)
	Trade Accounts Payable		240.6	289.6
	Accrued Expenses & Liabilities		177.6	75.0
	Income Taxes		4.9	14.3	Provided/(Used) by Invest & Finance			(924.3)	(1,040.8)
	Accounts Receivable		(56.7)	(170.6)
	Insurance Reserve		68.1	37.7		Changes In Cash & Equivalents		567.2	433.0
	Other Current Assets		(19.8)	(7.0)		Beginning Cash & Equivalents		449.9	16.9
Provided/(Used) for Operating Activities			1,491.5	1,473.8	Cash & Equivalents at End of Period			1,017.1	449.9