CVS Corporation June Sales Increase 10.4%.Business Editors WOONSOCKET, R.I.--(BUSINESS WIRE)--July 10, 2001 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 for the five weeks ended June 30, 2001 increased 7.5% over the prior year period, while pharmacy same store sales increased 12.1%. Total sales for the five-week period ended June 30, 2001 increased 10.4% to $2.10 billion, compared to $1.90 billion in the prior year period. Total pharmacy sales represented 66% of total company sales in June. For the second quarter, same store sales increased 8.3%, while pharmacy same store sales increased 13.2%, in-line with management's expectations. The Company remains comfortable with its revised earnings guidance of $0.48 per diluted share for the second quarter. Year-to-date, same store sales for the twenty-six week period ended June 30, 2001 increased 9.8% over the prior year period, while pharmacy same store sales increased 15.3%. Total sales for the twenty-six week period increased 12.4% to $10.88 billion, compared to $9.68 billion in 2000. As of June 30, 2001, CVS operated 4,130 retail and specialty pharmacy stores in 31 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 more retail prescriptions in more stores than any other retailer. With annual revenues exceeding $20 billion, CVS has created innovative approaches to serve the healthcare needs of all of our customers through its more than 4,100 CVS/pharmacy stores; CVS ProCare, its specialty pharmacy business; CVS.com, its online pharmacy; 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 Investor relations The process by which the corporation communicates with its investors. portion of the Company's website, at http://www.CVS.com. This press release contains certain forward looking statements that are subject to risks and uncertainties and that could cause actual results to differ materially. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company strongly recommends that you become familiar with the specific risks and uncertainties outlined under the caption "Cautionary Statement Concerning Forward-Looking Statements" in its Annual Report on Form 10-K for the fiscal year ended December 30, 2000. |
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