Briefing.com: CVS Earnings Climb on Strong Sales

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CVS Earnings Climb on Strong Sales

Last Update: 19-Feb-09 09:19 ET

CVS Caremark (CVS 26.99) reported better-than-expected earnings and revenues driven by strong results in the company's retail drugstores.

For the fourth quarter, CVS reported earnings of $0.70 per share, a penny better than the First Call consensus of $0.69. Earnings per share were up 19.8% year-over-year.

Revenues jumped 10.0% year-over-year to $24.1 billion and topped the $23.29 billion consensus estimate. CVS said revenues in the retail drugstore segment increased 18.8% in the quarter while same-store sales rose 3.6% over the prior year period.

On the company's earnings conference call, CVS reaffirmed its earlier guidance, saying it expects first quarter adjusted earnings of $0.55 per diluted share.

The Woonsocket, R.I. based-drugstore chain and pharmacy benefits manager operates over 6,900 retail pharmacy stores in the U.S.

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