CVS Caremark 3Q earnings up 18.8%

WOONSOCKET, R.I. CVS Caremark announced that net revenues for the third quarter ended Sept. 27, increased $368.2 million to $20.9 billion, up from $20.5 billion during the third quarter ended Sept. 29, 2007.

Revenues in the retail drug store segment increased 5.3% to $11.5 billion in the third quarter, while same-store sales in the Company’s CVS/pharmacy division for the third quarter rose 3.7% over the prior year period.

Earnings from continuing operations for the third quarter increased 18.8% to $818.8 million compared with earnings from continuing operations of $689.5 million in the comparable 2007 period.

Tom Ryan, chairman, president and ceo of CVS Caremark said, "I’m pleased to report strong third quarter results, which were right in line with our expectations despite the uncertain economic environment."