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CVS Boosts Guidance

It cites strong sales.
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CVS (CVS) - Get CVS Health Corporation Report boosted second-half earnings guidance, citing a strong third-quarter sales performance.

The Woonsocket, R.I., drug store chain said September same-store sales rose 8.8% from a year ago. Pharmacy sales rose 9.8% from a year ago on a comparable basis despite a 320 basis-point hit from what CVS called recent generic introductions.

For the third quarter, sales rose 24% from a year ago to $11.2 billion, reflecting the acquisition of 701 standalone Sav-On and Osco drugstores.

The company said it now expects to make 31 to 33 cents a share for the third quarter ended last month, up from previous guidance for a profit of 28 to 30 cents a share. For the year, CVS expects to make $1.50 to $1.54 a share, up from previous guidance of $1.47 to $1.51.

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