CVS Health Corp.

CVS Health Corp. reported lower profit in its first quarter amid pressure by more generic drugs and softer customer traffic.    Net income for the three months ended March 31 decreased 16.9% year over year to $953 million. CVS said the decline was primarily driven by the decline in operating profit, partially offset by lower interest expense of $31 million related to refinancing activity in the prior year as well as the improvement in the effective income tax rate, from 39.4% to 37.3%.    

CVS Pharmacy has entered a new arena by adding audio and optical services to its in-store offerings.    The retailer has opened seven hearing and five optical centers in its drug stores in the Baltimore-Washington, D.C. area, with plans to expand to 50 locations by the end of 2017, Morgan Diaz, senior director, health services division at CVS Health, told Chain Store Age’s sister publication, Drug Store News. The centers are housed adjacent to pharmacies.  

CVS Pharmacy continues to make a concerted effort to transform its stores, with the goal of fostering a better customer experience.   The retailer on Wednesday officially unveiled a new store design to enhance the retail customer experience with a new assortment of healthier food, health-focused products and expanded beauty selections, paired with informational signage throughout the store to help customers discover new offerings. The retailer hosted an event at The Garage in New York City on Wednesday to showcase the enhancements firsthand.

CVS Health on Thursday appointed 26-year company veteran Jonathan C. Roberts executive to the new position of executive VP and COO.     As COO, Roberts, who currently serves as president of CVS Caremark, the company's pharmacy benefit management business, will have responsibility for consolidating operational oversight across CVS Health's unique suite of assets.     

CVS Health on Thursday reported record fiscal fourth-quarter and full-year 2016 results   Net revenues for the three months ended Dec. 31 increased 11.7% to $46 billion, up from $41.1 billion in the year ago period.  

CVS Health has embarked on a three-step streamlining initiative with a goal of saving approximately $3 billion from 2017 to 2021.     Two-thirds of the savings will be seen in CVS’s retail/long-term care segment, with the remaining one-third of savings seen in the pharmacy benefits manager category.        

A new report reveals that some big retailers are cracking down on toxic chemicals in consumer products, while others are serious laggards.  

Strong results in its PBM business provided a boost during CVS Health’s fiscal third quarter, with the retailer reporting a 23.6% increase in net earnings to $1.5 billion.   Revenue increased 15.5% to $6 billion for the period ended Sept. 30.