CVS Caremark stands by financial predictions for fiscal 2008

12/22/2008

WOONSOCKET, R.I. Despite the current economic turmoil, CVS Caremark expects earnings for 2008 to meet expectations.

As stated during its third quarter conference call on Oct. 30, the pharmacy retailer expects diluted earnings per share to be between $2.42 and $2.47, including the impact of the Longs Drug Stores transaction.

“There is no question that the economy continues to be difficult and consumers are reacting with increasing caution,” said Tom Ryan, chairman, president and chief executive officer. “Our total same-store sales for October grew 4.3 percent, and in November were up 6.1 percent. It appears that December’s comps will be well short of those levels. Nevertheless, through careful margin and cost management, we expect to be able to deliver results within our previously announced earnings range for 2008.”

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