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The drug store operator earned $408 million, or 41 cents per share, in the fiscal first quarter, ended on November 30, down from $456 million, or 46 cents per share, a year earlier.
Analysts on average were expecting a profit of 46 cents per share, according to Reuters Estimates.
Sales rose 6.6 percent to $14.9 billion.
The company said it would reduce its store openings to a rate of 4 to 4.5 percent in 2010 and 2.5 to 3 percent in 2011. This is a further reduction from plans announced in July to slow store openings to 5 percent by 2011.
Walgreen shares fell 2.8 percent to $25.35 in premarket trade, from Friday's close at $26.08 on the New York Stock Exchange.
