FINANCE

CVS Caremark Q1 profit slips 1%

BY Staff Writer

New York City — CVS Caremark said Thursday its profit dipped 1% in the second quarter to $816 million as its pharmacy benefits management business weathered lower prices on contract renewals. Revenue rose 11% to $26.63 billion from $24.01 billion.

Revenue from CVS drugstores increased 3.6% to $14.83 billion. Same-store sales were up 2%, with pharmacy sales up 2.6% and front-end revenue up 0.8%.

CVS opened 41 stores during the second quarter and operated 7,266 retail drugstores at the end of the period.

In other news, MinuteClinic, the walk-in health clinic division of CVS, plans to add 100 new clinics per year for the next five years.

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FINANCE

Sally Beauty Holdings Q3 profit surges 68%

BY Staff Writer

New York City — Sally Beauty Holdings on Thursday said that its fiscal third-quarter profit increased 68% as sales rose while it held its expenses in line.

The beauty retailer posted net income of $69.1 million for the three months ended June 30, compared with $41.1 million a year earlier. Revenue rose 13% to $837 million.

Sales at Sally Beauty Supply stores rose 11% to $517.2 million. Same-store sales gained 6.1%. The division had 3,123 stores at the end of the quarter.

The company’s Beauty Systems Group, which operates stores under the CosmoProf and Armstrong McCall banners, reported a 16% increase in sales to $319.4 million. Same-store sales rose 5.3%. The division had 1,139 stores and 1,127 distributor sales consultants at the end of the quarter.

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OPERATIONS

A&P seeks more time to submit reorganization plan

BY Staff Writer

New York City — The Great Atlantic & Pacific Tea Company (A&P) has asked U.S. Bankruptcy Court in White Plains, N.Y., for a second extension of its deadline to submit an exclusive plan of reorganization to its creditors.

The supermarket operator is looking for an extension to Jan. 16, 2012, from a previous deadline of Dec. 31, 2011. In court papers, it said the extension would provide it with "the very best opportunity for a successful exit from Chapter 11."

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