reported better-than expected earnings for the latest third quarter and said same-store sales for the period rose 12.2%.
The drugstore chain reported third-quarter net income of $158.7 million, or 39 cents a share. Excluding a gain of 3 cents a share related to a lawsuit settlement, the company earned $147.2 million, or 36 cents a share. According to a
First Call/Thomson Financial
survey, 15 analysts expected the company to earn 35 cents a share.
The company recorded net income of $121.6 million, or 30 cents a share, in the year-ago quarter.
Sales for the quarter rose 14% to $4.92 billion from $4.31 billion in the same period a year ago. Pharmacy same-store sales rose 18.7% for the quarter.
Shares of CVS were recently trading up $5, or 10.8%, to $51.50 in
New York Stock Exchange