|CVS Corporation December Sales Increase 8.2%|
|WOONSOCKET, R.I., Jan 8, 2002 (BUSINESS WIRE) -- CVS Corporation (NYSE: CVS)
today announced that same store sales for the five weeks ended December 29, 2001
increased 7.1% over the prior year period. Pharmacy same store sales increased
9.0%, while front-end same store sales increased 4.2%.
Total sales for the five-week period ended December 29, 2001 increased 8.2% to $2.46 billion, compared to $2.27 billion in the prior year period. Total pharmacy sales represented 61.9% of total company sales in December.
"Our front-end sales clearly have been trending well over the past few months," said Tom Ryan, Chairman, President and Chief Executive Officer. "Pharmacy same store sales were impacted by a significantly weaker flu season. Given that we were up against a pharmacy comp of over 20% in December last year, I am very pleased with our results," concluded Mr. Ryan.
For the fourth quarter, same store sales increased 7.5% over the prior year period. Pharmacy same store sales increased 10.1%, while front-end same store sales increased 3.1%. Total sales for the fourth quarter increased 8.4% to $5.95 billion, compared to $5.49 billion in the prior year period. Total pharmacy sales represented 64.9% of total company sales in the fourth quarter.
Same store sales for the fifty-two week period ended December 29, 2001 increased 8.6% over the prior year period. Pharmacy same store sales increased 13.0%, while front-end same store sales increased 1.2%. Total sales for the fifty-two week period increased 10.7% to $22.24 billion, compared to $20.09 billion in 2000. Total pharmacy sales represented 66.1% of total company sales for the year. The Company will report its full year results on February 5, 2002.
As of December 29, 2001, CVS operated 4,191 retail and specialty pharmacy stores in 33 states and the District of Columbia.
CVS is America's no.1 pharmacy dispensing prescriptions in more stores than any other retailer. With annual revenues exceeding $22 billion, CVS has created innovative approaches to serve the healthcare needs of all of our customers through its more than 4,100 CVS/pharmacy stores; CVS ProCare, its specialty pharmacy business; CVS.com, its online pharmacy; and PharmaCare, its pharmacy benefit management company. General information about CVS is available through the Investor Relations portion of the Company's website, at http://www.CVS.com.
CONTACT: For CVS Corporation: Investor Contact: Nancy Christal, 914/722-4704 or Media Contact: Todd Andrews, 401/770-5717