CVS hurt by terrorism
Executive Summary
CVS same-store sales will increase 8% in the third quarter, down from the previous forecast of 9%-10% growth, and earnings per diluted share will be 30[cents]-32[cents], versus expectations of 35[cents]-37[cents]. CVS attributed the revised results in part to the terrorist attacks on Sept. 11. "While early September showed signs of improvement, last week's national tragedy and its effect on consumer confidence are expected to have a negative impact." Retail improvements have been slower than expected; CVS plans to address that issue and the weakening economy with a promotional spend increase