Rite Aid, CVS Post Solid Sales
Consumers continue to spend, at least at the drugstore.
The nation's largest drugstore chains have reported solid July sales numbers, in sharp contrast to other recent data such as earnings warnings from apparel companies and flagging consumer confidence that suggest consumers may finally be tapped out.
CVS said that same-store sales, which measure activity in shops open at least a year, rose 9% in July, while Rite Aid said its comparable store sales rose 7.4%. On Friday, Walgreen (WAG), the nation's largest drugstore chain, reported an 11% gain in same-store sales.In early trading Tuesday, Rite Aid was up 6 cents, or 3%, at $2.07; CVS gained $1.16, or 4.4%, to trade at $27.61; and Walgreen was up 88 cents at $33.50. The news from the drugstore chains was much brighter than other recent retail indicators. A number of
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