NEW YORK (TheStreet) -- Shares of CVS Caremark (CVS) are muted after the company released its first-quarter earnings. Although the company beat on revenue estimates, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, was more concerned about the company's declining same-store sales, which fell 3.8%.
"That took my breath away," he said on CNBC's "Cramer's Mad Dash" segment Friday.
Investors have to know why same-store sales decline so much, especially since Rite-Aid (RAD), which many consider a "second-rate CVS," saw same-store sales climb 4.7%, he said.
Rite-Aid and CVS have many similar locations, likely making some investors wonder if Rite-Aid is taking market share from CVS.
However, don't write off CVS just yet. It's "a great company" and could be a buying opportunity, Cramer concluded. He just wants to know why same-store sales declined so meaningfully.
-- Written by Bret Kenwell in Petoskey, Mich.