Financial News

For the quarter ended March 31, Amazon reported a net income of $1.6 billion, or $3.27 per share, compared with net income of $724 million, or $1.48 per share, in the first quarter of 2017.

The grocery wholesaler and retailer announced it is pursuing the sale of its corporately owned and operated Shop ’n Save banner, whose two divisions operate stores in St. Louis, West Virginia, Maryland, Pennsylvania and Virginia.

The retailer said it earned $194 million, or $1.41 a share, in the quarter ended March 3, compared with $269 million, or $1.84 a share, in the year-ago period.

The transaction is valued at approximately $1.7 billion, after an estimated tax benefit of $200 million, the companies said.

Same-store sales from continuing operations for the year decreased 2.9%, consisting of a 3.9% drop in pharmacy sales and a 0.8% dip in front-end sales.

Walgreens Boots Alliance and its predecessor company, Walgreens, have paid a dividend consistently for more than 85 years and have raised that dividend for 42 consecutive years.

The retailer withdrew its plan because of its previously announced deal to merge with Rite Aid, which was announced in February.

The expiration of the waiting period under the HSR Act satisfies one of the conditions to the closing of the merger, which remains subject to other customary closing conditions, including the approval of Rite Aid's stockholders.