To: Jenna who wrote (17621 ) 10/28/1998 11:31:00 AM From: Jenna Read Replies (2) | Respond to of 120523
CVS, AOR Income At Aurora Foods Nearly Doubled In 3rd Quarter(duncan hines,Log Cabin Syrup,its because of their brownie mixes, and Celeste Pizza)CVS now touted on CNBC...a new earnings play on the October 23rd watch list in second place after GTW did very well..http://www.marketgems.com/October%2023d.html Drug Retailer CVS Posts 25% Rise In 3rd-Quarter Net Amid Solid Sales NEW YORK -(Dow Jones)- CVS Corp. on Wednesday posted a 25% increase in third-quarter net income, in line with analysts' expectations, amid solid growth in same-store sales. The Woonsocket, R.I.-based drug retailer said net income came to $102.4 million, or 25 cents a share on a fully diluted basis, compared with $82.2 million, or 20 cents a diluted share, in the year-earlier period. The mean estimate of analysts surveyed by First Call was for net income of around 25cents per share. Sales, meanwhile, increased 12% to $3.73 billion. The drugstore operator (CVS) said third-quarter sales and earnings represent "the best third-quarter performance in CVS' history." The company, which said higher sales at stores open at least one year paced results, also noted a decline in operating expenses and the successful conversion of Revco stores to CVS. Same-store sales in the quarter rose 10.8%, the company said, while pharmacy same-store sales rose 17.3%. Pharmacy sales accounted for 59% of total sales for the quarter, while third-party-prescription sales were 83% of pharmacy sales for the quarter. CVS said it plans to speed up its real-estate-development program and believes new stores and relocations will be a "significant contributor" to future growth. The company plans to have 375 new or relocated stores open in 1998, up from its original plan of 320. Although it is still evaluating real-estate plans for 1999, CVS expects to open between 400 and 425 new or relocated stores, compared with an original objective of about 375. ___________________________________________