CVS confirms FY earnings guidance

WOONSOCKET, R.I. CVS Caremark has issued a confirmation of its 2008 earnings guidance range, previously given during the company’s third quarter conference call on Oct. 30.

CVS Caremark expects diluted, adjusted earnings per share of $2.42 to $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.”