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| CVS Corporation June Sales Increase 31.4% |
WOONSOCKET, R.I.--(BUSINESS WIRE)--July 7, 2005--CVS Corporation (NYSE: CVS) today announced that total sales for the five-week period ended July 2, 2005 increased 31.4% to $3.5 billion, compared to $2.7 billion in the prior year period. The increase includes the impact of the acquisition completed on July 31, 2004, of 1,268 Eckerd drugstores, as well as Eckerd's pharmacy benefit management and mail order pharmacy business. Total pharmacy sales represented 70.0% of total company sales in June. Same store sales (sales from stores open more than one year) for the five weeks ended July 2, 2005 increased 5.8% over the prior year period. Pharmacy same store sales increased 6.7%, despite being negatively impacted by approximately 210 basis points due to recent generic introductions, which are being substituted for higher priced brand named drugs. Front-end same store sales increased 4.1%. Same store sales do not include the acquired Eckerd drugstores, which will be included in same store sales beginning in August 2005. For the second quarter, total sales increased 31.4% to $9.1 billion, compared to $6.9 billion in the prior year period. Same store sales for the thirteen weeks ended July 2, 2005 increased 5.6% over the prior year period. Pharmacy same store sales increased 7.4%, while front-end same store sales increased 1.7%. Quarterly sales were negatively impacted by an earlier Easter (March 27th this year versus April 11th last year), which shifted more holiday sales into the first quarter. The Company estimates the Easter shift had a negative impact of approximately 130 basis points on front-end same store sales. Total pharmacy sales represented 70.6% of total company sales in the quarter. Year-to-date, total sales for the twenty-six week period ended July 2, 2005, increased 33.0% to $18.3 billion, compared to $13.8 billion in 2004. Same store sales for the twenty-six week period increased 6.9% over the prior year period. Pharmacy same store sales increased 8.1%, while front-end same store sales increased 4.2%. CVS is America's largest retail pharmacy, operating 5,439 retail and specialty pharmacy stores in 36 states and the District of Columbia as of July 2, 2005. With more than 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 CVS/pharmacy(R) stores; its online pharmacy, CVS.com(R); and its pharmacy benefit management, mail order and specialty pharmacy subsidiary, PharmaCare(R). General information about CVS is available through the Investor Relations portion of the Company's website, at http://investor.CVS.com, as well as through the press room portion of the Company's website, at www.cvs.com/pressroom.
CONTACT: for CVS Corporation |
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