CVS records impressive rise in Q3 earnings

WOONSOCKET, R.I. CVS Caremark announced on Thursday that third quarter earnings rose 142.6 percent as revenues totaled $20.5 billion.

Net earnings for the third quarter ended Sept. 29 totaled $689.5 million, or 45 cents per diluted share, compared with earnings of $248.2 million, or 33 cents per share, in the year-ago period. The company estimates that merger and integration costs associated with Caremark negatively impacted diluted earnings per share by about 1 cent for the quarter.

Revenues increased $9.3 billion to $20.5 billion, up from $11.2 billion in the year-ago period. Same-store sales rose 5 percent, while pharmacy same-store sales climbed up 4.3 percent. Pharmacy same-store sales were negatively impacted by about 580 basis points due to recent generic introductions. Same-store front-end sales rose 6.5 percent.

During the quarter, CVS opened 37 new stores, closed eight locations and one mail order pharmacy and relocated 41 others. As of Sept. 29, the company operated 6,206 retail pharmacy stores, 53 specialty stores, 22 specialty mail order pharmacies and nine mail order pharmacies.