CVS Corporation (NYSE:CVS) announced today that it is revising its third quarter earnings outlook in light of recent sales and margin trends.
The Company now expects earnings for the third quarter ending September 29, 2001, of approximately $0.30-$0.32 per diluted share. CVS had previously expected earnings for the quarter of approximately $0.35-$0.37 per diluted share. The Company plans to discuss its revised outlook for full year earnings at the time of the third quarter earnings announcement, which is scheduled for October 30.
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The Company’s previously-announced guidance for the third quarter assumed total same store sales growth of 9%-10%. Since that time, the Company has reported total same store sales growth of approximately 8%. While early September showed signs of improvement, last week’s national tragedy and its effect on consumer confidence are expected to have a negative impact on September sales. The Company expects to report September sales results on October 12.
