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Amazon.com in talks to open N.J. warehouses, seeks sales tax holiday
Trenton, N.J. -- Amazon.com is contemplating opening two warehouses in New Jersey and is seeking a 22-month sales-tax holiday as part of the deal, according to reports by the Associated Press and the Philadelphia Inquirer.
Amazon is not required, as brick-and-mortar retailers are, to collect the 7% state sales tax for purchases. If it acquires a physical presence in New Jersey by opening warehouses, it would have to collect taxes.
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CVS Caremark Q4 profit up nearly 4%
Woonsocket, R.I. -- CVS Caremark Corp.'s fourth-quarter earnings rose nearly 4% to $1.06 billion, amid increased pharmacy services revenue because of a long-term contract and new business. The company raised its 2012 earnings forecast by 3 cents per share to account for gains it expects because of a contract dispute between Walgreens and Express Scripts Inc.
Net revenues for the quarter increased 15.2% to a record $28.3 billion. Drugstore revenue increased 4%. Same-store sales were up 2.5%.