This excerpt taken from the CVS 8-K filed Jan 3, 2008.
CVS CAREMARK EXPECTS TO ACHIEVE HIGH END OF PREVIOUS EARNINGS GUIDANCE
WOONSOCKET, RHODE ISLAND, January 3, 2008 CVS Caremark Corporation (NYSE: CVS) today announced that same store sales (sales from retail pharmacy stores open more than one year) in its CVS/pharmacy division for the five weeks ended December 29, 2007 increased 1.8% over the prior year period. Pharmacy same store sales increased 2.4%, and were negatively impacted by approximately 470 basis points due to recent generic introductions. Front-end same store sales increased 0.6%.
Tom Ryan, Chairman, President and CEO, stated, Sales in December were lighter than anticipated due to adverse weather conditions early in the month, a slowly developing flu season, and general economic conditions. However, given favorable operating expenses and improved margins, we expect to report diluted earnings per share on a GAAP basis for the fourth quarter 2007 in the range of $0.54 to $0.55, and for the full year 2007 in the range of $1.91 to $1.92, at the high end of our previous guidance of $1.89 to $1.92.
For the fourth quarter, same store sales at CVS/pharmacy for the thirteen weeks ended December 29, 2007, increased 3.4% over the prior year period. Pharmacy same store sales increased 3.6%, while front-end same store sales increased 2.9%.
Same store sales at CVS/pharmacy for the fifty-two week period increased 5.3% over the prior year period. Pharmacy same store sales increased 5.2%, while front-end same store sales increased 5.3%.
During the five week period ended December 29, 2007, CVS/pharmacy opened 3 new stores, closed 4 stores and relocated 1 other. As of December 29, 2007, the Company operated 6,245 CVS/pharmacy stores in 40 states and the District of Columbia.