"You've heard us talk about the focus on what we call signature categories and really getting back to our core DNA: our focus on style; those important apparel, home, and beauty categories; our focus on baby and kids; and more and more our commitment to wellness," he said on CNBC's "Squawk Box". (Tweet This)
"This great partnership we put together with CVS is really part of that focus on building our wellness offering," he added.
Drugstore operator CVS said Monday it will acquire Target's pharmacy and clinic businesses for about $1.9 billion.
CVS will acquire more than 1,660 Target pharmacies across 47 states in the United States and operate them through a store-within-a-store format, the companies said in a statement.