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CVS Caremark Q1 profit rises, sales reach record high
Woonsocket, R.I. -- CVS Caremark reported Wednesday that profit for the quarter ended March 31 rose 9% to $776 million, compared with $713 million in the year-ago period.
Revenues surged 20% to a record $30.8 billion boosted by rival Walgreen’s termination of its Express Scripts program, which moved Walgreen customers over to CVS. The results beat Wall Street’s expected $30.3 billion in revenue for the quarter.
Same-store sales climbed more than 8%. -
Loblaw Q1 profit falls 22%
Brampton, Ontario -- Canadian grocery chain Loblaw Cos. reported Wednesday that net income for the first quarter plummeted 22% to $128 million, compared with $156 million in the year-ago period. The country’s largest food retailer was squeezed by higher costs and heightened competition as Wal-Mart Stores continues its march into Loblaw territories.
Revenues for the quarter edged up .9% to $7.02 billion. Same-store sales dipped 0.7%.