August 4, 2009
CVS Posts Earnings Increase
By Matthew L. Brown
CVS Caremark Corp. reported an $886.5 million profit for the second quarter on revenue of $25 billion.
The Woonsocket, R.I.-based retail pharmacy operator reported a profit of $771.2 million on revenue of $21 billion for the same period a year ago.
Revenue from the retail pharmacy segment of the company's business grew by 17 percent and same-store sales increased by 6.1 percent compared to the second quarter of 2008. Pharmacy same-store sales grew by 7.5 percent and were hurt by the introduction of certain generic drugs.
Retail same-store sales increased by 3 percent.
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