CVS Says Earnings Won’t Meet Forecasts
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CVS Corp., the No. 2 U.S. drugstore chain, said second-quarter profit will rise less than forecast because of slowing sales at its pharmacies and declining demand for high-margin seasonal goods.
The announcement sent CVS down $7.59, or 17%, to $36.51 on the New York Stock Exchange.
Profit will rise to 48 cents a share from 46 cents a year earlier, the company said. Analysts on average were expecting 52 cents, according to First Call/Thomson Financial.
CVS said sales also were hurt after it cut some pharmacy weekend hours because of a pharmacist shortage.
Full-year profit will be $1.92 to $1.96 a share, contrasted with analysts’ consensus estimate of $2.08, it said.
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