NEW YORK – CVS Caremark Corp., the largest provider of prescription drugs in the U.S., reported second-quarter profit that topped analysts’ estimates, helped by the introduction of lower-price merchandise.
Net income slipped less than 1 percent to $816 million, or 60 cents a share, from $821 million, or 60 cents, a year earlier, the Woonsocket-based company said Thursday in a statement. Excluding some items, profit was 65 cents, exceeding the 64-cent average estimate of 20 analysts in a Bloomberg survey.
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CEO Larry Merlo increased retail pharmacy segment sales 3.6 percent and boosted front of store revenue 3 percent after introducing less-expensive merchandise under the Just the Basics brand to lure customers that have cut purchases amid high unemployment. Total revenue advanced 11 percent to $26.6 billion.
The company narrowed its forecasted range for adjusted earnings per share this year to $2.75 a share to $2.81 a share, from an earlier projection of $2.72 to $2.82.
CVS fell 14 cents to $36.21 Wednesday in New York Stock Exchange composite trading. Before Thursday, the shares had gained 4.1 percent this year.
