CVS Corp., the second-biggest U.S.
drugstore chain, said 2004 profit will increase to as much as
$2.18 a share amid rising sales and cost reductions.
Profit will range from $2.14 to $2.18, up from this year’s
projected profit of $1.95 to $2. Sales in 2004 will be $28
billion, the Woonsocket, Rhode Island-based company said in a
statement.
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CVS has been increasing sales of drugs and non-prescription
items, including snacks and cosmetics, while trimming costs to
increase profitability. In the third quarter, net income rose 14
percent to 46 cents and sales climbed 8.5 percent.
CVS is expected to earn $2.17 a share next year on revenue
of $28.2 billion, the average estimates of analysts surveyed by
Thomson Financial. Revenue this year is expected to be $26.4
billion, according to Thomson. CVS also said it will build 100 to 125 new stores next year.
Walgreen Co. is the biggest U.S. drugstore chain.
Bloomberg News
