CVS Corporation June Sales Increase 9.4%.Business Editors 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 June 29, 2002 increased 9.1% over the prior year period. Front-end same store sales increased 3.6%, while pharmacy same store sales increased 12.1%, despite being negatively impacted by approximately 1.5% due to recent generic drug generic drug, a drug sold or prescribed under the nonproprietary name of its active ingredients or under a generally descriptive name rather than under a brand or trade name. introductions which are being substituted for higher priced brand named drugs. Total sales increased 9.4% to $2.29 billion, compared to $2.10 billion in the prior year period. Total pharmacy sales represented 67.3% of total company sales in June. For the second quarter, same store sales increased 8.6%, while front-end increased 1.7% and pharmacy same store sales increased 12.3%. Quarterly sales were negatively impacted by an early Easter (March 31st this year versus April 15th last year), which lowered front-end same store sales approximately 2.4%, by shifting holiday sales from the second quarter to the first quarter. Total sales for the thirteen weeks ended June 29, 2002 increased 9.0% to $5.99 billion, compared to $5.49 billion in the prior year period. Total pharmacy sales represented 67.9% of total company sales in the quarter. Year-to-date, same store sales for the twenty-six week period ended June 29, 2002 increased 9.4% over the prior year period. Pharmacy same store sales increased 12.0%, while front-end same store sales increased 4.4%. Total sales for the twenty-six week period increased 9.9% to $11.96 billion, compared to $10.88 billion in 2001. As of June 29, 2002, CVS operated 4,002 retail and specialty pharmacy stores in 32 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 No.1 pharmacy dispensing prescriptions in more stores than any other retailer. With annual revenues exceeding $22 billion, CVS has created innovative approaches to serve the healthcare needs of all of our customers through its approximately 4,000 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. |
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