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| CVS Corporation November Sales Increase 10.2% |
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WOONSOCKET, R.I.--(BUSINESS WIRE)--Dec. 3, 2002--CVS Corporation (NYSE: CVS) today announced that same store sales (sales from stores open more than one year) for the four weeks ended November 23, 2002 increased 10.2% over the prior year period. Front-end same store sales increased 0.7%. Pharmacy same store sales increased 15.2%, despite being negatively impacted by approximately 240 basis points due to recent generic introductions, which are being substituted for higher priced brand named drugs. Pharmacy and total sales were positively impacted by the timing of the Thanksgiving holiday, which fell in the November reporting period last year versus December this year. We estimate that the Thanksgiving shift had a positive impact of approximately 400 basis points on pharmacy same store sales and 300 basis points on total same store sales during November. Total sales for the four-week period ended November 23, 2002 increased 10.2% to $1.93 billion, compared to $1.75 billion in the prior year period. Total pharmacy sales represented 68.8% of total company sales in November. Year-to-date, same store sales for the forty-seven week period ended November 23, 2002 increased 9.0% over the prior year period. Pharmacy same store sales increased 12.2%, while front-end same store sales increased 2.8%. Total sales for the forty-seven week period increased 9.3% to $21.63 billion, compared to $19.79 billion in 2001. As of November 23, 2002, CVS operated 4,077 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 approximately 4,000 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.
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