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CVS Caremark Confirms Earnings Guidance
Monday, December 22, 2008
WOONSOCKET, R.I., Dec 22, 2008 (BUSINESS WIRE) -- CVS Caremark Corporation (NYSE: CVS) this morning issued a confirmation of its 2008 earnings guidance range, previously given during the Company's third quarter conference call on October 30, 2008.
CVS Caremark expects diluted, adjusted earnings per share of $2.42-$2.47 for FY 2008, including the impact of the Longs Drugs 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 CEO of CVS Caremark. "Our total same store sales for October grew 4.3%, and in November were up 6.1%. 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."
About CVS Caremark
CVS Caremark is the largest provider of prescriptions in the nation. The Company fills or manages more than 1 billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of health care services in the U.S. The Company is uniquely positioned to effectively manage costs and improve health care outcomes through its more than 6,800 CVS/pharmacy and Longs Drugs stores; its Caremark Pharmacy Services division (pharmacy benefit management, mail order and specialty pharmacy); its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investor Relations section of the Company's Web site, at http://investors.cvshealth.com, as well as through the Newsroom section of the Company's Web site, at https://cvshealth.com/newsroom.
CVS Caremark Corporation
Nancy Christal, 914-722-4704
Senior Vice President, Investor Relations
Eileen Howard Dunn, 401-770-4561
Senior Vice President, Corporate Communications
SOURCE: CVS Caremark Corporation