CVS Caremark Feeling No Pain

Woonsocket, R.I. CVS Caremark Corp. today announced record-setting revenue and earnings for the first quarter, with an $8.1 billion increase in net revenues which totaled $21.3 billion this year up from $13.2 billion in the same period last year.

Same-store sales rose 3.9% over the same period, hoisted by a 4.3% increase in front-end same-store sales as well as a 3.7% lift in same-store pharmacy sales.

CVS Caremark’s net earning soared 83.1% to $748.5 million vs. net earnings of $408.9 million for the first quarter of 2007.

During the first quarter, CVS Caremark opened 41 new stores and closed 19 stores. At the end of the quarter, the pharmacy retailer’s portfolio included 6,267 retail pharmacy stores, 56 specialty pharmacy stores, 19 specialty mail-order pharmacies and seven mail-order pharmacies.