CVS Announces Record Sales Year at $24 Billion, Up 8.7%; December Same Store Sales Increased 4.0%.Business Editors/Retail Writers WOONSOCKET, R.I.--(BUSINESS WIRE)--Jan. 7, 2003 CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. Corporation (NYSE NYSE See: New York Stock Exchange :CVS) today announced that same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of (sales from stores open more than one year) for the five weeks ended December 28, 2002 increased 4.0% over the prior year period. Pharmacy same store sales increased 7.6%, despite being negatively impacted by approximately 240 basis points due to recent generic introductions, which are being substituted for higher priced brand named drugs, as well as being impacted by the timing of Thanksgiving. Front-end same store sales decreased 1.7%, against an industry-leading 4.2% increase in December of last year. December pharmacy and total sales were negatively impacted by the timing of the Thanksgiving holiday, which fell in the December reporting period this year versus November last year. The Thanksgiving shift had a negative impact of approximately 300 basis points on pharmacy same store sales and 200 basis points on total same store sales in December. For the combined months of November and December, same store sales increased 6.6%, while pharmacy same store sales rose 10.9%. Total sales for the five-week period ended December 28, 2002 increased 3.8% to $2.55 billion, compared to $2.46 billion in the prior year period. Total pharmacy sales represented 63.5% of total company sales in December. For the fourth quarter, same store sales increased 6.7% over the prior year period. Pharmacy same store sales increased 10.9%, while front-end same store sales decreased 0.6%. Total sales for the fourth quarter increased 6.6% to $6.34 billion, compared to $5.95 billion in the prior year period. Total pharmacy sales represented 66.8% of total company sales in the fourth quarter. Same store sales for the 52-week period ended December 28, 2002 increased 8.4% over the prior year period. Pharmacy same store sales increased 11.7%, while front-end same store sales increased 2.3%. Total sales for the 52-week period increased 8.7% to $24.18 billion, compared to $22.24 billion in 2001. Total pharmacy sales represented 67.6% of total company sales for the year. CVS Corporation will announce its financial results for the fourth quarter on February 4, 2003. The Company will be holding a conference call on February 4, 2003 for the investment community at 8:30 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) to discuss the quarterly results. The call will be simulcast on the Company's web site for all interested parties. To access the webcast, visit the Company's Web site at http://www.cvs.com on the Investor Relations Investor relations The process by which the corporation communicates with its investors. page to hear the call live, or listen to an archive of the call, which will be available for a one-week period following the call. As of December 28, 2002, CVS operated 4,087 retail and specialty pharmacy stores in 33 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . CVS is America's #1 pharmacy dispensing dispensing provision of drugs or medicines as set out properly on a lawful prescription. A prescription can only be filled, the drugs supplied, by a registered pharmacist, veterinarian, dentist or member of the medical profession. prescriptions in more stores than any other retailer. With annual revenues exceeding $24 billion, CVS has created innovative approaches to serve the healthcare needs of all of our customers through its more than 4,000 CVS/pharmacy stores; CVS ProCare, its specialty pharmacy business; CVS.com, its online pharmacy  This article or section may deal primarily with the U.S. and may not present a worldwide view. ; and PharmaCare, its pharmacy benefit management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. company. General information about CVS is available through the Investor Relations portion of the Company's Web site, at http://www.CVS.com.
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