The Wall Street Journal-20080201-Earnings Digest Brief -- Retail- CVS Caremark Corp-

Return to: The_Wall_Street_Journal-20080201

Earnings Digest Brief -- Retail: CVS Caremark Corp.

Full Text (113  words)

CVS Caremark Corp. reported fourth-quarter profit rose 95%, reflecting the drug retailer's acquisition last year of pharmacy- benefits manager Caremark. The Woonsocket, R.I., company also gave an upbeat outlook for 2008 as the combined company enters its first full year of operation. CVS executives said preliminary data show January same-store retail sales rose 4%, which likely relieved investors shaken by disappointing December results. CVS Caremark shares were up $2.89, or 8%, to $38.91 in 4 p.m. composite trading on the New York Stock Exchange. CVS Caremark expects to achieve more than $700 million in merger-related savings this year. The company now expects pharmacy- benefit management revenue to be significantly better than initially anticipated.