CVS logged higher revenue in the latest quarter, helped by the nearly 17 million Covid-19 vaccines it administered in the spring
CVS Health Corp. posted higher revenue in the latest quarter, helped by the nearly 17 million Covid-19 vaccines it administered between April and June, as it moved to raise its minimum wage for workers to $15 an hour starting next year.
With a lift from the vaccinations and from the more than six million Covid-19 tests CVS conducted, same-store sales grew by 12.3% compared with last year’s spring quarter, when the earlier stages of the pandemic were keeping shoppers at home. CVS’s total revenue, which also includes its health-insurance and pharmacy-services businesses, grew by 11% year over year to $72.62 billion, the company said Wednesday.
Joining other retailers that have laid out similar plans, CVS also said it would raise its minimum wage for hourly workers to $15 an hour by July 2022. About two-thirds of CVS’s hourly staff already earns that much, the company said, adding that the increase to the company’s wage floor would help workers and their families. Walmart Inc. and Amazon.com Inc.
Overall, CVS posted earnings of $2.10 a share, or $2.42 on an adjusted basis after stripping out one-time items. Analysts polled by FactSet had been forecasting an adjusted profit of $2.07 a share.
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