CVS Profit Up 17% on Increased Drug Sales

CVS Corp., the No. 2 U.S. drugstore chain by revenue, said second-quarter profit rose 17% as sales of prescription drugs and photo processing increased.

Net income climbed to $234.5 million, or 56 cents a share, from $199.8 million, or 49 cents, a year earlier, the Woonsocket, R.I.-based company said. Per-share amounts reflect the payment of preferred dividends. Sales in the period ended July 3 rose 7.7% to $6.94 billion.

Shares of CVS fell 56 cents to $41.21 on the NYSE.