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The drugstore business has changed a lot in the past few years, and Walgreen has done an admirable job of keeping up. The firm has been adding clinics to its store locations, a move that should generate bigger margins and get more bodies into Walgreen's stores, boosting top line numbers on convenience items. Still, Walgreen generates close to two-thirds of its revenues on prescription drugs, so it has to present consumers with a reason to use its pharmacy versus those of big-box stores such as Target(TGT) that are willing to sacrifice pharmacy margins to get more eyes on other products in the store.

Hubris has also been a problem for Walgreen management recently. The firm's spat with pharmacy benefit manager Express Scripts(ESRX) ended by terminating the companies' relationship, reducing the number of patients who buy their medications through WAG.

Still, despite the unpleasantries, stair step sales growth should help WAG turn out a dividend hike in the near-term. Watch out for third-quarter earnings on June 26. CBS