CVS Q4 profit declines 2%
Woonsocket, R.I. -- CVS Caremark Corp. reported Thursday that profit for the fourth quarter fell 2%. The company cited client losses and fewer Medicare prescription drug program members for the lackluster performance.
Net income declined to $1.03 billion, compared with $1.05 billion in the year-ago period. Revenue fell 4% to $24.77 billion. Wall Street expected $24.98 billion in revenue.
For the full year, the company's net income fell to $3.44 billion, compared with $3.71 billion in the year before. Revenue fell to $96.41 billion from $98.73 billion.
Competitor Walgreen Co. reported Thursday that its January same-store sales rose 6.1%, surpassing Wall Street expectations of a 3.4% rise. Total sales during the month grew 11.3%.