CVS Sees Quarterly Profit, Sales Rise
Chicago, CVS Corp. reported an 18% increase in quarterly profit and a 5.1% rise in July sales in stores open at least a year. The increases are attributed to the greater demand for prescription drugs and more general merchandise sales.
CVS surpassed its expected profits. Analysts had expected a profit of 31 cents per share, but the drugstore chain’s profit rose 33 cents per share to $275.9 million. Last year, profits were $234.5 million, or 28 cents per share.
Preliminary figures revealed a 6.1% increase in pharmacy same-store sales and a 2.9% increase in same-store general merchandise comparable sales for the month of July. CVS will release its final July sales numbers on Thursday.
Ahold Acquires Czech Supermarkets
Zaandam, Netherlands, Ahold announced it has reached an agreement to acquire as many as 67 Julius Meinl supermarkets in the Czech Republic. The acquisition will increase Ahold’s store count in that country to about 300. The Julius Meinl stores will be rebranded as Albert, the banner under which Ahold operates its supermarkets in the Czech Republic, Slovakia and Poland.
Pantry Expands Presence in Alabama
Sanford, N.C., The Pantry has signed a definitive agreement to acquire 13 convenience stores in Alabama from Chatham Oil Company, which has been operating the stores under the Speedmart Food Stores banner. The acquisition strengthens The Pantry’s position in Alabama, where it currently operates 25 stores. The Pantry operates 1,386 stores in 11 states under a number of banners.