Financial News

WOONSOCKET, R.I. — CVS Caremark is “off to a good start” in 2011 as first-quarter results registered slightly above guidance for both the retail and PBM businesses, and the retail segment continues to gain share. But what president and CEO Larry Merlo wanted to clarify straight away during Thursday morning’s conference was the company’s commitment to its PBM division, and he outlined its plan to further improve PBM performance.

MINNEAPOLIS — The 13.1% increase in same-store sales Target reported for April was toward the low end of the company’s projection of an increase in the mid-teens, and begs the question whether Walmart’s mid-month launch of a new marketing campaign contributed to the weakness.

INDIANAPOLIS — Eli Lilly announced its largest-ever education-focused grant.

The drug maker has teamed up with nonprofit group The Mind Trust to launch the Grow What Works campaign, which seeks to raise and invest $18 million in the highest-impact education organizations working in Indianapolis. Lilly invested $2.5 million for the cause.

Since its founding in 2006, The Mind Trust has been strategically building a network of the nation's best education reform organizations in Indianapolis, Lilly said.

SALISBURY, N.C. — First-quarter revenue for Delhaize America, the U.S. sector of the Delhaize Group, which includes such supermarket banners as Food Lion and Bottom Dollar, experienced a 0.1% increase to nearly $4.7 billion, the company reported.

DEERFIELD, Ill. — Sales for Walgreens during the month of April edged up 5.5%, thanks to a boost in both front-end and pharmacy sectors.

The drug store chain said that total front-end sales experienced a 9.4% boost, while comparable front-end sales benefited from the later Easter holiday with a 6.5% increase.

SAN FRANCISCO — Sales at McKesson were $28.9 billion during fourth quarter 2011 and $112.1 billion for fiscal year 2011, according to financial results announced Tuesday.

Sales for the quarter represented an 8% increase over $26.6 billion in fourth quarter 2010, while sales for the year increased by 3% over 2010’s $108.7 billion.

Profits for the quarter were $422 million, a 21% increase over fourth quarter 2010, while profits for the year were $1.2 billion, a 5% decrease from fiscal year 2010’s $1.26 billion.

PARSIPPANY, N.J. — Sales of cosmetics and toiletries in the United States increased 2.4% to $36.5 billion in 2010 — which is above pre-recession levels — thanks to technological advances, promotional activity and rising consumer confidence, according to worldwide consulting and research firm Kline.

HOFFMAN ESTATES, Ill. — Sears Holdings will host its annual meeting on May 4, and attendees likely will want to know how the company plans to improve sales and return to profitability under the leadership of its new CEO, Lou D’Ambrosio.

Ahead of the meeting, the company reported a same-store sales decline of 3.6% for its fiscal first quarter, which included a 1.6% decrease at its Kmart stores and a 5.2% decrease at its Sears Domestic stores.