CVS Caremark Corp. yesterday completed its purchase of Longs Drug Stores Corp., but don't expect to see changes to Longs stores in Hawai'i anytime soon.

CVS previously said it would not replace the Longs name on Hawai'i stores because of the 54-year relationship Longs has had with Hawai'i consumers as the dominant drugstore chain in the market.

Yesterday, CVS said in a conference call with stock analysts that no disruptions to Longs stores would be made during the holiday season, and that integration of Longs would begin in the first quarter of next year.

On the Mainland, Rhode Island-based CVS expects to close the California-based corporate office of Longs by the end of next summer, and convert store names to CVS by the end of the third quarter.

CVS acquired 521 Longs drugstores, including 39 in Hawai'i.

With the purchase, CVS said it becomes the biggest drugstore chain in Hawai'i and California, and that such expansion in quality locations without the Longs acquisition would have taken at least 10 years.

"We saw the opportunity and we took advantage of it," Thomas Ryan, CVS president and chief executive officer, said in the conference call.

In a statement announcing the sale completion, Ryan said, "We look forward to working with our new Longs colleagues and to serving the millions of loyal customers who shop Longs stores."

CVS yesterday also reported third-quarter financial results that included a net profit of $736 million, up from $690 million in the same period last year.

The company said revenue for the three months ended Sept. 27 was a record $20.9 billion, up from $20.5 billion a year earlier.

Per common share of diluted stock, third-quarter profit was 50 cents, up from 45 cents a year earlier.

Shares of CVS stock rose $3.01 yesterday to close at $29.32.