DEERFIELD, Ill., Jun 23, 2003 /PRNewswire-FirstCall via COMTEX/ -- Walgreen Co. today announced record sales and earnings for the third quarter and first nine months of fiscal 2003.

Net earnings for the quarter ended May 31 were up 14.3 percent to $296.1 million or 29 cents per share (diluted), from $259.0 million or 25 cents per share (diluted) in the same quarter a year ago. This year's third quarter benefited from a $13.6 million LIFO swing, as the company recorded a $9 million LIFO charge this quarter versus a $22.6 million LIFO charge in the year ago period, reflecting less than anticipated inflation in inventories. The quarter also was aided by a $12 million litigation settlement credit this year.