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CVS net earnings increase 17.6 percent

CVS Corp., Woonsocket, R.I., yesterday announced that its net earnings for the second quarter ended July 2 increased 17.6 percent to $275.9 million, compared with net earnings of $234.5 million in the second quarter of 2004. Same store sales for the quarter rose 5.6 percent, while pharmacy same store

sales rose 7.4 percent and front-end same store sales increased 1.7 percent. Same store sales do not include the acquired Eckerd drugstores, which will be included in the August same store sales to be reported in early September 2005. "We recently achieved an important milestone as we completed the Eckerd integration," said Tom Ryan, chairman, president and CEO in a statement. "Within one year of closing the deal, we have completely re-merchandised and remodeled essentially all stores. Florida and Texas, which contain many of the fastest growing drugstore markets in the country, now have over 1,000 brand new CVS/pharmacy stores reflecting our latest prototype in most cases."

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