After announcing it had entered into a merger agreement with Caremark Rx, Inc., CVS Corp. Thursday issued a rosy financial report for last month and its third quarter.
The company said its revenues for October were up 24.4 percent, to $3.5 billion, from October 2005’s $2.8 billion. Pharmacy revenues represented 70.7 percent of October revenues.
Year-to-date the company said total revenues are up 17.2 percent, to $35.3 billion, from $30.1 billion in 2005.
The company also announced its net earnings for the quarter ending Sept. 30.
Net earnings for the quarter increased 12.5 percent to $284.2 million or $0.33 per diluted share. In the third quarter of 2005 the net earnings were $252.7 million or $0.30 per diluted share.
“Our solid third-quarter results reflect the continued strength of our business across our markets. We delivered strong sales results and improved gross margin in both the pharmacy and front-end businesses,” said Tom Ryan, chairman, president and chief executive officer of CVS.
“We also made significant progress on the integration of the stores we purchased from Albertson’s on June 2nd. We completed the systems integration and began remodeling the Sav-on and Osco stores to look and feel like CVS/pharmacies. The early feedback from customers has been highly positive, and we are optimistic about the benefits we will achieve once the stores are re-introduced to customers.”
CVS is the largest retail pharmacy in the nation with 6,172 retail and specialty pharmacy stores in 43 states and the District of Columbia.
