CVS/Caremark Announces Increased Profits

CVS/Caremark, USA announces higher first quarter sales and earnings. Net earnings increased by 24.1 percent to $408.9 million. Net revenues increased 32.1 percent to $13.2 billion, up from $10.0 billion in the first quarter of 2006. Same store sales rose 7.5 percent for the quarter, pharmacy same store sales increased 7.8 percent and front-end same store sales increased 6.6 percent. CVS management attributes the results to the recent merger of CVS and Caremark, as well as growth in the use of generic drugs.