CVS Health Corp. reported on Tuesday third-quarter earnings that fell to $6 million, or 1 cent a share, from $29 million, or 5 cents a share, in the same period a year ago. Excluding non-recurring items, such as costs related to the OfficeMax merger and pending acquisition of Staples, the drug store chain said adjusted earnings per share came to 16 cents, matching the FactSet consensus. Sales fell to $3.69 billion from $4.07 billion, just shy of the FactSet consensus of $3.72 billion, as slightly better-than-expected North American retail sales were offset by weakness in international sales. CVS said it still expects full-year 2015 sales “to be lower” than 2014. It increased the number of expected 2015 store closures to 180 from 175, but lowered its outlook for 2016 store closures to “more than 50” from “at least 60.” The stock, which was still inactive in premarket trade, has gained 4.2% year to date, while the S&P 500 has tacked on 2.2%.
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