The Woonsocket, RI based retailer said earnings were $275.9 million, or 33 cents per share, for the quarter ending July 2, 2005, compared to the same period last year when the quarter ended with earnings of $234.5 million, or 28 cents per share. Earnings topped analysts estimates by 2 cents per share for the quarter.
Sales for the second quarter were also strong, rising 31% to $9.1 billion.
"The second quarter was another outstanding quarter for our company," said Tom Ryan, chairman, president, and CEO of CVS, in a statement. "Our performance reflected strong sales growth and share gains, both in the front-store and pharmacy businesses. We also continued to benefit from better-than-expected conversion to generic drugs,"
The chain, which recently completed integrating Eckerd stores into its business plan, said profits should continue to grow during the next few quarters as demand for generic drugs increases and performance improves at newly opened stores and the acquired Eckerd chain.
Total sales for the year-to-date, 30-week period ending July 30, 2005 were up 32.7% to $21 billion, compared to $15.8 billion in 2004.
The retailer, which operates 5,439 retail and specialty pharmacy stores in 36 states and the District of Columbia , including Eckerd stores acquired last year from J.C. Penny Co. Inc., opened 52 new stores, closed 22 and relocated 30 others during the second quarter.
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