CVS’ 4Q profits rose 17% year over year

WOONSOCKET – CVS Caremark Corp. said last week fourth-quarter 2008 profit rose 17 percent after its pharmacy-management business and new stores drew more shoppers filling prescriptions.
Net income rose to $952.8 million, or 65 cents a share, from $815 million, or 55 cents, a year earlier, the Woonsocket-based company said. Sales advanced 10 percent to $24.1 billion, boosting the shares 6.4 percent.
CVS said it gained market share from competitors such as Walgreen Co. and Rite Aid Corp. as clients of its Caremark pharmacy-management business moved prescriptions to its retail stores. Sale of pharmaceuticals, household goods and food at its retail segment rose 19 percent as CVS opened 52 new stores and acquired 529 Longs Drugs locations.
Sales at stores open more than a year rose 3.6 percent in the quarter from a year earlier. &#8226