Walgreen Co (WAG)-How Low Can You Go? WAG’s Limbo with ESRX Continues:June SSS Results Below Expectations

July SSS Estimate — In July, we expect WAG to continue to be negativelyimpacted by ESRX members transferring scripts, as well as the cresting genericwave in the back half of calendar year 2012. We estimate total June SSS of (-7) to(-9)% vs. +2.7% LY, Rx SSS of (-11) to (-13)% vs. +1.9% LY, and Front-End SSS of0 to (-2)% vs. +4.8% LY.