CVS Caremark Feeling No Pain
Woonsocket, R.I. CVS Caremark Corp. today announced record-setting revenue and earnings for the first quarter, with an $8.1 billion increase in net revenues which totaled $21.3 billion this year up from $13.2 billion in the same period last year.
Same-store sales rose 3.9% over the same period, hoisted by a 4.3% increase in front-end same-store sales as well as a 3.7% lift in same-store pharmacy sales.
CVS Caremark’s net earning soared 83.1% to $748.5 million vs. net earnings of $408.9 million for the first quarter of 2007.
During the first quarter, CVS Caremark opened 41 new stores and closed 19 stores. At the end of the quarter, the pharmacy retailer’s portfolio included 6,267 retail pharmacy stores, 56 specialty pharmacy stores, 19 specialty mail-order pharmacies and seven mail-order pharmacies.
OfficeMax 1Q sales fall on weak economy
NAPERVILLE, Ill. OfficeMax announced that for its first quarter ended March 29, total sales decreased 5.5% to $2.3 billion compared to the first quarter of 2007. Net income increased in the first quarter of 2008 to $63.3 million, or 81 cents per diluted share, from $58.5 million, or 76 cents per diluted share, in the first quarter of 2007.
OfficeMax Retail segment sales decreased 5.5% to $1.11 billion in the first quarter of 2008 compared to the first quarter of 2007, reflecting a same-store sales decrease of 8.7% partially offset by sales from new stores. Retail same-store sales for the first quarter of 2008 declined across all major product categories due to weaker U.S. consumer and small business spending and the negative impact of the Easter holiday occurring in the first quarter of 2008.
IKEA to open first U.S. manufacturing facility
DANVILLE, Va. IKEA, through its subsidiary Swedwood, announced that it will open its first U.S. furniture manufacturing facility on May 21 in Danville, Va. The 930,000 square-foot Swedwood factory will produce a variety of wood-based IKEA products, the company reported.
“We made excellent progress on construction last year and our installation of equipment and machinery has gone very smoothly,” said Bengt Danielsson, North American president of Swedwood. “Now our primary objective is to complete appropriate operational training for 175 coworkers as well as to ensure a seamless production and packaging process.”