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May 4, 2006

Net income up 13 percent at CVS

CVS this morning reported first quarter net income of $329.6, or 39 cents a share.

That's an increase of 13.8 percent over the $289.7 million, or 34 cents a share, that the company made in the same period last year.

Total revenues for Rhode Island's largest corporation increased by 8.7 percent in the quarter to $10 million. Same store sales increased 6.2 percent for the quarter.

"First quarter results were driven by strong sales growth and healthy margins, said Tom Ryan, the company's chairman, president and CEO.

Ryan singled out the turnaround performance of stores in Florida and Texas that were acquired in 2004 in the Eckerd drugstore deal. For more go to http://investor.CVS.com

CVS, based in Woonsocket, operates 5,483 stores in 37 states and Washington D.C.

Posted by   at 7:12 AM | Permalink

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