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Article: Canning's departure marks end of prosperous era. (Fred Canning retires as president of Walgreens') (editorial)
- Article from:
- Chain Drug Review
- Article date:
- January 22, 1990
- Author:
CopyrightCOPYRIGHT 1990 Racher Press, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Canning's departure marks end of prosperous era
At the end of this month, Fred Canning, president and chief operating officer of Walgreen Co. since 1978, will retire, turning over that position to Dan Jorndt. With his departure an era ends at Walgreens, one of unprecedented prosperity.
Specifically, in Walgreens' 1978 fiscal year the chain earned $24 million on sales of $1.2 billion, a net-to-sales ratio of 2%. In the fiscal year that ended last August, Walgreens earned $154.2 million on industry-leading sales of $5.38 billion. The chain's net-to-sales ratio was 2.5%.
But those statistics don't begin to tell of Canning's impact on Walgreens. When ...