Pharmacy retailer CVS has reported revenues in its retail drugstore segment up by 3.1% to $14.9bn (£9.6bn) in its fourth quarter to December 31, as like-for-like sales rose 1.7%.

The retailer’s pharmacy benefit management arm, however, experienced a revenue decline of 9.7% due to the termination of several large client contracts.

President and chief operating officer Larry Merlo said the roll-out of about 1,100 new private-label SKUs and the expansion of the grocery offer in nearly 4,000 stores would drive growth in its drugstores.