CVS reaffirms earnings guidance

WOONSOCKET, R.I. CVS Caremark today announced that it is reaffirming its previously stated earnings guidance. The company continues to expect to achieve GAAP diluted earnings per share of no less than 42 cents to 44 cents in the third quarter of 2007, and $1.86 to $1.91 for fiscal year 2007.

The company reported net earnings for the second quarter ended June 30, increased 114.1% to $723.6 million or 47 cents per diluted share, compared with net earnings of $337.9 million or 40 cents per diluted share in the comparable 2006 period. Net revenues for the second quarter ended June 30, increased $10.1 billion to $20.7 billion, up from $10.6 billion during the comparable 2006 period. Same-store sales in its CVS/pharmacy division rose 5.7%, while pharmacy same-store sales rose 5.7% and front-end same store sales increased 5.9% for the second quarter ended June 30.