|CVS Corporation April Sales Increase 9.3%|
WOONSOCKET, R.I.--(BUSINESS WIRE)--May 6, 2003--CVS Corporation (NYSE: CVS) today announced that same store sales (sales from stores open more than one year) for the four weeks ended April 26, 2003 increased 7.1% over the prior year period.
Pharmacy same store sales increased 7.0%, despite being negatively impacted by approximately 160 basis points due to recent generic introductions, which are being substituted for higher priced brand named drugs. Front-end same store sales increased 7.4%.
April sales benefited from a later Easter (April 20th this year versus March 31st last year), which shifted holiday sales from March into April. Same store sales for the combined months of March and April 2003 increased 4.4%, while pharmacy same store sales rose 6.6% and front-end same store sales decreased 0.1%.
Total sales for the four-week period ended April 26, 2003 increased 9.3% to $1.98 billion, compared to $1.81 billion in the prior year period. Total pharmacy sales represented 68.9% of total company sales in April.
Year-to-date, same store sales for the seventeen-week period ended April 26, 2003 increased 4.6% over the prior year period. Pharmacy same store sales increased 7.1%, despite being negatively impacted by approximately 220 basis points due to recent generic introductions. Front-end same store sales decreased 0.4%. Total sales for the seventeen-week period increased 6.6% to $8.29 billion, compared to $7.78 billion in 2002.
As of April 26, 2003, CVS operated 4,103 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. CVS has created innovative approaches to serve the healthcare needs of all customers through its over 4,100 CVS/pharmacy(R) stores; CVS.com(R), its online pharmacy; and PharmaCare Management Services, its pharmacy benefit management and specialty pharmacy business. General information about CVS is available through the Investor Relations portion of the Company's website, at http://investor.cvs.com.