|CVS Corporation March Sales Increase 12.6%; Company Raises First Quarter Earnings Guidance|
|WOONSOCKET, R.I., Apr 9, 2002 (BUSINESS WIRE) -- CVS Corporation (NYSE: CVS)
today announced that same store sales (sales from stores open more than one
year) for the five weeks ended March 30, 2002 increased 12.5% over the prior
Pharmacy same store sales increased 12.8%, while front-end same store sales increased 11.9%.
March sales benefited from an early Easter (March 31st this year versus April 15th last year), which shifted holiday sales from April into March. The Company estimates the Easter shift had an impact of approximately 600-800 basis points on front-end same store sales.
Total sales for the five-week period ended March 30, 2002 increased 12.6% to $2.32 billion, compared to $2.06 billion in the prior year period. Total pharmacy sales represented 68% of total company sales in March.
Year-to-date, same store sales for the thirteen-week period ended March 30, 2002 increased 10.2% over the prior year period. Pharmacy same store sales increased 11.7%, while front-end same store sales increased 7.2%. Total sales for the thirteen-week period increased 10.9% to $5.97 billion, compared to $5.39 billion in 2001.
"I am pleased with our year-to-date performance. We had a very strong Easter selling season, reflecting our enhanced seasonal and general merchandise offerings," stated Tom Ryan, Chairman, President and Chief Executive Officer. "The operations and marketing initiatives we put in place in the second half of last year are beginning to take hold, as evidenced by our sales and customer count growth across the company. Given that quarterly sales exceeded our plan, we believe diluted earnings per share will exceed our previous guidance by approximately one cent and now expect to report diluted earnings per share for the first quarter of forty-three cents."
As of March 30, 2002, CVS operated 3,991 retail and specialty pharmacy stores in 32 states and the District of Columbia.
CVS is America's #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 3,900 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: CVS Corporation Investor Contact: Nancy Christal, 914/722-4704 Media Contact: Todd Andrews, 401/770-5717