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CVS Q2 profit jumps 23%
Woonsocket, R.I. -- CVS Caremark Corp.’s first-quarter earnings rose a better-than-expected 23% as new generic drugs and demand for flu medications helped the company’s profitability. The chain narrowed its 2013 guidance to reflect higher-than-expected performance.
For the first quarter, CVS earned $956 million, up from $776 million in last year's quarter.
Companywide revenue slipped 0.1% to $30.76 billion, but exceeded the $30.36 billion that Wall Street expected.
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Safeway names CEO
Pleasanton, Calif. -- Safeway announced that Robert Edwards, currently the company's president, will succeed Steven Burd as CEO when Burd retires as chairman and CEO on May 14. Edwards, 57, will also join the company's board of directors.
"Since he arrived here in 2004, Robert has successfully met every challenge he has faced," Burd said. "He has demonstrated the ability to lead the company in all facets of its operations, and has earned the respect of the entire organization."