SOURCE: The Bedford Report

The Bedford Report

May 13, 2011 08:16 ET

CVS Caremark and Walgreen Find New Revenue Drivers

The Bedford Report Provides Analyst Research on CVS Caremark & Walgreen

NEW YORK, NY--(Marketwire - May 13, 2011) - With unemployment numbers remaining high and discretionary spending still low, drug retailers have struggled to regain their footing following the recession. In addition, expiring patents for brand name drugs and their replacement by less expensive generic alternatives is shrinking top lines throughout the sector. The Bedford Report examines the outlook for companies in the Drug Stores Industry and provides research reports on CVS Caremark Corporation (NYSE: CVS) and Walgreen Co. (NYSE: WAG). Access to the full company reports can be found at:

In order to offset a drop in pharmacy revenues, drug stores have begun to search for alternative revenue sources.

In March Walgreen announced that it signed a merger agreement to acquire the online retailer for about $409 million. The acquisition will add about 60,000 products to Walgreen's online offering. is one of the largest online health and beauty retailers, and Walgreen explains that those products are an important part of its growth strategy

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CVS Caremark is making a significant effort to tap into the lucrative food market. The company says it will double the size of food sections in 3,000 of its 7,000 stores by year's end.

Last week CVS said its profit fell to $713 million, or 52 cents per share, in the quarter ended in March, 31 from $771 million, or 55 cents per share. Its revenue grew 9 percent to $25.88 billion from $23.76 billion.

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