CVS Caremark Dec. sales hurt by weather

WOONSOCKET, R.I. CVS Caremark today announced that same-store sales in its CVS/pharmacy division for the five weeks ended Dec. 29 increased 1.8% over the prior year period. Pharmacy same-store sales increased 2.4%, and were negatively impacted by approximately 470 basis points due to recent generic introductions. Front-end same store sales increased 0.6%.

Tom Ryan, chairman, president and ceo, stated, “Sales in December were lighter than anticipated due to adverse weather conditions early in the month, a slowly developing flu season, and general economic conditions. However, given favorable operating expenses and improved margins, we expect to report diluted earnings per share on a GAAP basis for the fourth quarter 2007 in the range of 54 cents to 55 cents, and for the full year 2007 in the range of $1.91 to $1.92, at the high end of our previous guidance of $1.89 to $1.92.” 

For the fourth quarter, same-store sales at CVS/pharmacy for the thirteen weeks ended Dec. 29, increased 3.4% over the prior year period. Pharmacy same-store sales increased 3.6%, while front-end same-store sales increased 2.9%.

Same-store sales at CVS/pharmacy for the 52-week period increased 5.3% over the prior year period. Pharmacy same-store sales increased 5.2%, while front-end same-store sales increased 5.3%.