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August 3, 2006

CVS 2Q profit jumps 23 percent on sales growth

WOONSOCKET - - Drug store chain CVS Corp. said today its second-quarter profit rose 23 percent on solid sales growth, improved margins and greater cost controls.

Net income grew to $334.4 million, or 40 cents per share, from $272.4 million, or 33 cents per share, a year ago. Revenue rose 16 percent to $10.56 billion from $9.12 billion in the prior year.

Quarterly same store sales, or sales at stores open at least on year, grew 8.8 percent, with same-store pharmacy sales up 9.1 percent, and front-end same store sales - or non-pharmacy sales- rising 8.1 percent for the quarter.

Analysts surveyed by Thomson Financial expected earnings per share of 37 cents on $10.43 billion in sales.

CVS attributed its results to strong sales growth across all markets in both the retail and the pharmacy, as well as improved operating efficiencies.

-- The Associated Press

Posted by Jack Perry  at 8:36 AM | Permalink

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