(Bloomberg) — CVS Health Corp. (NYSE:CVS) narrowed its full-year earnings forecast after the pharmacy company’s retail sales growth slowed in the second quarter.
Adjusted profit will reach $5.11 to $5.18 a share, compared with a previous forecast of $5.08 to $5.19 a share, CVS said Tuesday. Analysts had projected $5.17 a share.
Retail sales rose 2.2 percent in the second quarter, the Woonsocket, R.I.-based company said in a statement. That compared with a 2.9 percent increase in the first three months of the year.
CVS shares fell 3 percent to $109.40 in early trading. The shares had gained 48 percent in the 12 months through Monday.
The new forecast overshadowed a second-quarter profit report that beat analysts’ estimates. Profit excluding one-time items was $1.22 a share, 2 cents above the average of analyst estimates compiled by Bloomberg. Sales rose 7.4 percent to $37.2 billion, in line with analysts’ estimates.