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CVS profit declines but still beats Street
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%. -
Target ramping up presence, and testing new service, in Manhattan
Target Corp. is beefing up its presence in the Big Apple — and also testing a service to give city dwellers a break from lugging their purchases home. The discounter announced plans to a smaller-format store on the city’s Lower East Side in March 2018. The 22,500-sq.-ft. store — one-fifth the size of a regular Target — will be on the second level of the Essex Crossing development, with more than 500 rental units above it. The mixed-use building will also include a Trader Joe’s.

