CVS Caremark (NYSE:CVS) on Friday morning reported 2014 first-quarter earnings that missed profit estimates for the period. The pharmacy chain posted a quarterly adjusted profit of $1.02 per diluted share. While that was up 22% from the same period a year ago, it was $0.02 below analysts' average estimate for earnings per share of $1.04. CVS said net revenue increased 6% to $32.7 billion, which was in line with expectations.
Same-store sales increased 1.4% in the three-month period, with pharmacy same-store sales growing 3.8% but front-end sales down by the same percentage. CVS said pharmacy and front-end same-store sales were negatively affected by a weaker flu season in the first quarter and by the harsh winter weather. Despite this setback, CVS still expects full-year adjusted earnings in the range of $4.36 to $4.50 per share.
Shares of CVS were down 1.3% in pre-market trading, with the stock valued at $72 a share just before the opening bell.
Tamara Rutter has no position in any stocks mentioned. The Motley Fool recommends CVS Caremark. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.