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May 1, 2008
CVS reports hike in first-quarter profits
Woonsocket-based CVS Caremark Corp., the largest U.S. drugstore chain by number of stores, said first-quarter profit increased after it acquired pharmacy-benefits manager Caremark RX Inc. last year.
Net income climbed to $748.5 million, or 51 cents a share, from $408.9 million, or 43 cents, a year earlier, CVS said today. Sales rose to $21.3 billion, trailing analysts' estimates.
Rising gasoline costs kept shoppers closer to home to fill their prescriptions, benefiting CVS. Contracts to administer pharmacy benefits, including one concluded with AT&T Inc. last month, will propel growth, Matt Kaufler, a portfolio manager with Clover Capital Management in Rochester, New York, told Bloomberg News.
“Their future is increasingly tied to that,” said Kaufler, whose firm manages $2.6 billion in assets.
-- Journal Business Editor John Kostrzewa
Posted by Jack Perry at 8:17 AM | Permalink
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