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CVS Beats Street Estimate As Front-End Sales Edge Up

Third quarter revenue at CVS Health Corp. was up slightly as front-end comparable store sales also edged up.

For the third quarter ended September 30, the company reported net income of $1.39 billion, or $1.36 per diluted share, versus $1.29 billion, or $1.26 per diluted share, in the year-previous period.

Adjusted company net income from continuing operations, excluding one-time charges, was $1.77 billion, or $1.73 per share, CVS stated, as compared to $1.53 billion, or $1.50 per share, in the year-earlier quarter.

Operating profit was $2.35 billion versus $2.5 billion and adjusted operating profit was $2.42 billion, CVS reported, versus $2.51 billion in the fiscal year prior.

Net revenues increased 2.4%, to $47.27 billion versus the quarter a year before.

Revenues in the Retail/LTC Segment increased 6.4% to approximately $20.86 billion in the quarter year over year, according to CVS. Comparable store sales increased 6.7% with front-end comps, including general merchandise, up 0.8% from last year’s period. Strength in the consumer healthcare and beauty care categories helped drive the front end comp increase, CVS indicated.