Bookstores sales fell 2.3% in September, to $954 million, compared to sales of $976 million in September of 2018, according to preliminary estimates released by the U.S. Census Bureau. Bookstore sales have been soft for much of the year, due in part to tough comparisons to last year, when political book were driving sales, as well as continued weakness in college stores, where students have gravitated more toward the use of digital materials. As a result, bookstore sales for the first nine months of 2019 were down 5.6% from the comparable period a year ago, dropping to $7.42 billion, from $7.86 billion in the first nine months of 2018.
CVS Health Corp. reported third-quarter revenue and earnings that beat expectations, boosted by its acquisition of insurance giant Aetna.
The drug store and health services company disclosed in a regulatory filing it will close 22 “underperforming” drug stores early next year. The shutterings are in addition to the 46 stores CVS closed earlier this year.
“We believe these decisions will generate enhanced longer-term performance,” CFO Eva Boratto told analysts Wednesday on CVS’ quarterly call. “Our real estate footprint remained very productive, and we will look for opportunities to further improve the performance in our portfolio.”
CVS’ net income rose 10% to $1.53 billion, or $1.17 a share, in the quarter ended Sept. 30, from $1.39 billion, or $1.36 a share, in the year-ago period. Adjusted earnings per share $1.84, easily topping analysts’ estimates of $1.77.
Total revenue grew to $64.81 billion from $47.49 billion, beating estimates $62.99 billion. Revenues in the retail segment increased 2.9%, driven by increased prescription volume and brand name drug price inflation. Same-store sales rose 3.6%
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