The Home Depot to acquire U.S. Home Systems
Atlanta — The Home Depot said Tuesday it will acquire kitchen and bath vendor U.S. Home Systems in a deal worth about $93 million.
U.S. Home Systems manufactures and installs remodeling and organization products, as well as cabinet-refacing and countertop products, exclusively through Home Depot. The acquisition is part of Home Depot’s strategy to increase its home service business.
The deal is expected to close by the end 2012.
CVS profit rises 18% in Q2, raises outlook
Woonsocket, R.I. — CVS Caremark Corp. reported Tuesday that profit for the quarter ended June 30 leaped 18.4% to a record $966 million from $816 million last year, boosted by the contractual impasse between rival Walgreens and Express Scripts.
Revenue for the quarter climbed 16.3% to $30.7 billion from $26.4 billion, missing Wall Street’s estimated $31.02 billion in revenue. Front-end same-store sales increased 2.3% for the quarter.
CVS has raised its forecast for the full year based on the strength of its performance. “With our stable business and differentiated offerings, we remain very well positioned in the marketplace," said Larry Merlo, president and CEO.
Office Depot loss widens in Q2
Boca Raton, Fla. — Office Depot reported Tuesday that it lost $64.3 million in the second quarter, widened from a $29.3 million loss in the same period last year.
Weakened sales in North America and Europe, along with a $23.9 million impairment charge and other restructuring charges, contributed to the weakened performance.
Revenue dropped 7% to $2.51 billion, compared with $2.71 in the year-ago period and missing analysts’ expected $2.6 billion in revenue. Sales in North America fell 8%, and same-store sales dropped 4%.