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CVS Caremark Reports Record Second Quarter Revenues, Operating Profit, and Earnings
Date:7/31/2008

WOONSOCKET, R.I., July 31 /PRNewswire-FirstCall/ -- CVS Caremark Corporation (NYSE: CVS), today announced record revenues, operating profit, and earnings for the second quarter ended June 28, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080731/NETH034LOGO )

Second Quarter Year-Over-Year Highlights:

-- Adjusted EPS from continuing operations of $0.60, which excludes $97.8 million in amortization of intangible assets, up 17.1%
-- GAAP diluted EPS from continuing operations of $0.56, up 19.5%

-- Net revenues of $21.1 billion

Revenues:

Net revenues for the second quarter ended June 28, 2008, increased $437.0 million to $21.1 billion, up from $20.7 billion during the second quarter ended June 30, 2007.

Revenues in the retail drugstore segment increased 4.6% to $11.8 billion in the second quarter, while same store sales (sales from stores open more than one year) in the Company's CVS/pharmacy division for the second quarter rose 3.1% over the prior year period. Pharmacy same store sales rose 3.7% and were negatively impacted by approximately 280 basis points due to recent generic introductions, while front-end same store sales increased 1.8%. Same store sales for the second quarter were negatively impacted by an earlier Easter, which shifted more holiday sales into March. The Company estimates the Easter shift had a negative impact of approximately 110 basis points on front- end same store sales for the quarter ended June 28, 2008.

Revenues in the pharmacy services segment increased 1.0% to $10.7 billion in the second quarter ended June 28, 2008. Retail network claims processed during the sec
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SOURCE CVS Caremark Corporation
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