|CVS Corporation August Sales Increase 8.4%|
WOONSOCKET, R.I.--(BUSINESS WIRE)--Sept. 3, 2003--CVS Corporation (NYSE: CVS) today announced that total sales for the four-week period ended August 23, 2003 increased 8.4% to $1.96 billion, compared to $1.80 billion in the prior year period. Total pharmacy sales represented 69.2% of total company sales in August.
Same store sales (sales from stores open more than one year) for the four weeks ended August 23, 2003 increased 6.4% over the prior year period. Pharmacy same store sales increased 8.7%, despite being negatively impacted by approximately 70 basis points due to recent generic introductions, which are being substituted for higher priced brand named drugs. Front-end same store sales increased 1.6%.
August sales were impacted by a blackout in the Northeast region, which affected approximately 730 stores. The Company estimates the blackout had a negative impact of approximately 50 basis points on front-end same store sales and approximately 20 basis points on total same store sales for the four-week period.
Year-to-date, total sales for the thirty-four week period ended August 23, 2003, increased 7.1% to $16.64 billion, compared to $15.54 billion in 2002. Same store sales for the thirty-four week period increased 5.0% over the prior year period. Pharmacy same store sales increased 7.6%, despite being negatively impacted by approximately 180 basis points due to recent generic introductions. Front-end same store sales decreased 0.2%.
As of August 23, 2003, CVS operated 4,124 retail and specialty pharmacy stores in 32 states and the District of Columbia.
Celebrating 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. CVS has created innovative approaches to serve the healthcare needs of all customers through its over 4,100 CVS/pharmacy(R) stores, its online pharmacy; CVS.com(R) and its pharmacy benefit management and specialty pharmacy subsidiary, PharmaCare Management Services. General information about CVS is available through the Investor Relations portion of the Company's website, at http://investor.cvs.com.
CONTACT: CVS Corporation Investor Contact: Nancy Christal, 914-722-4704 or Media Contact: Todd Andrews, 401-770-5717 SOURCE: CVS Corporation