CVS’ Profit Fall Less Than Expected
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CVS Corp.’s first-quarter profit fell less than forecast as the second-largest U.S. drugstore chain sold more general merchandise such as greeting cards and Easter candy.
Net income was 43 cents a share, 1 cent higher than the forecast CVS gave last quarter and the average estimate of analysts polled by Thomson Financial/First Call. CVS earned 54 cents a year earlier. The company plans to report final results for the period May 8.
Same-store sales rose 10% in the quarter, helped by sales during the Easter holiday, which came a quarter earlier than last year. Overall sales rose a better-than-expected 11% to $5.97 billion.
Shares of Woonsocket, R.I.,-based CVS rose $1.76 to $35.58 on the NYSE.
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