NEW YORK (
TheStreet) -- TheStreet's Brittany Umar reports shares of CVS Caremark
(CVS) climbing after the drugstore and pharmacy chain reported fourth-quarter earnings that beat analysts forecasts. The company said pharmacy revenue at its established drugstores grew 6.8% during the quarter.
Shares of CVS Caremark (CVS) are climbing after the drugstore and pharmacy chain reported fourth-quarter earnings rose more than 12% over the same period a year ago.
The company said results were boosted by pharmacy revenue at its established drugstores, which grew nearly 7% during the quarter. CVS managed to fill almost 4% more prescriptions and sell more generic drugs despite two main challenges. The company processed fewer network claims and saw a decline in store traffic, which prompted a nearly 2% slide in sales of general merchandise.
Overall, revenue in the period rose 4.6% to about $32.8 billion, beating analyst forecasts of about $32.6 billion, according to Thomson Reuters.
Last week, CVS became the first U.S. drugstore chain to announce it would stop selling cigarettes and other tobacco products. It plans to take the products off all of its shelves by October.
Shares of CVS were most recently climbing about 2% to $68.34.
In New York, I'm Brittany Umar for TheStreet.
-- Written by Brittany Umar in New York.
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