CVS Health reports $998M profit in Q1: 4 things to know

CVS Health reported a 4.7 percent increase in profit to $997.8 million in the first quarter of 2018, compared to $952.3 million in the same quarter a year prior.

Here are four things to know about the retail giant's financial results for the three months ended March 31.

1. CVS said increased profits reflected a $153 million jump in operating profit. The company posted an operating profit of $1.9 billion in the first quarter, up 8.5 percent compared to the same period in 2017. The improvement reflected a $199 million decrease in store rationalization costs and inclines in CVS' pharmacy gross profits.

2. The company saw same-store sales increase 5.8 percent year over year in the first quarter, with pharmacy same-store sales rising 7.3 percent. 

3. CVS' net revenues climbed 2.6 percent in the three-month period to $45.7 billion, up from $44.5 billion in the same period a year prior. Pharmacy revenues, which account for a larger portion of revenue than retail, were up 3.2 percent year over year to $32.2 billion.

4. CVS President and CEO Larry Merlo said the company's acquisition of Aetna is on track and is slated to close in the second half of 2018. 

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