Headlines

CVS Earnings Rocket

30 percent increase blows away the forecast

Published

24 years ago

October 31, 2000

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CVS, the second-largest drugstore chain behind Walgreens, reported a 30 percent earnings increase for the fiscal third quarter. The Woonsocket, R.I.-based company surprised analysts, earning $158.7 million (39 cents a share), compared to $121.6 million last year. Wall Street had forecast earnings of 35 cents a share.

Sales increased 14 percent to $4.9 billion, compared to $4.3 billion a year earlier, and CVS opened 45 new stores in the third quarter, alone. The company operates 4100 units.

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