CVS 2Q Profit Up
Woonsocket, R.I. CVS Caremark Corp. said Thursday its second-quarter profit grew 7% as sales at its drug stores rose, and use of more profitable generic drugs increased.
CVS said its profit rose to $771.2 million in the quarter ended June 28, from $720.1 million a year earlier. Revenue increased 2% to $21.14 billion from $20.7 billion.
CVS’ drug store sales rose 4.6% to $11.77 billion, and pharmacy services sales edged up 1% to $10.66 billion.
Same-store sales grew 3.7%.
CVS operated 6,308 retail pharmacies at the end of the quarter, along with 56 specialty pharmacies and 26 mail-order pharmacies. During the quarter, it opened 49 new retail pharmacies and closed eight others.
Spartan Stores 1Q sales up 12.8%
GRAND RAPIDS, Mich. Spartan Stores reported that net sales for the first quarter increased 12.8% to $586.7 million from $520.2 million in last year’s first quarter.
Net earnings for the quarter increased 52.2% to $9.9 million, or 46 cents per diluted share, from $6.5 million, or 30 cents per diluted share, in the same period last year.
Fresh & Easy opens 20th store in Phoenix
PHOENIX Fresh & Easy Neighborhood Market has opened its 20th store in Phoenix, bringing its total number of U.S. stores to 67.
Fresh & Easy also announced four upcoming store openings in the Phoenix area, including the grocer’s first in Tempe, Ariz.