CVS Corporation May Sales Increase 7.7%.Business Editors/Retail Writers WOONSOCKET, R.I.--(BUSINESS WIRE)--June 10, 2004 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 total sales for the four-week period ended May 29, 2004 increased 7.7% to $2.17 billion, compared to $2.01 billion in the prior year period. 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 four weeks ended May 29, 2004 increased 6.1% over the prior year period. Pharmacy same store sales increased 5.9%, while front-end same store sales increased 6.5%. Total pharmacy sales represented 68.6% of total company sales in May. Year-to-date, total sales for the twenty-one week period ended May 29, 2004, increased 7.8% to $11.10 billion, compared to $10.30 billion in 2003. Same store sales for the twenty-one period increased 6.1% over the prior year period. Pharmacy same store sales increased 7.7%, while front-end same store sales increased 2.8%. As of May 29, 2004, CVS operated 4,194 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). . On April 5, 2004, the Company announced that it had entered into a definitive agreement under which it would acquire approximately 1,260 Eckerd drug stores, located mainly in the southern United States The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive region in the southeastern and south-central United States. , in addition to Eckerd Health Services, which includes Eckerd's mail order and 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. businesses. On June 1, 2004, the Company announced that the Federal Trade Commission had granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. of 1976 for this transaction. The Company anticipates that the Eckerd transaction will close during the month of July 2004. 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 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 Web site, at http://investor.cvs.com. This press release contains certain forward-looking statements that are subject to risks and uncertainties 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 annual period ended January 3, 2004 and in its Quarterly Report on Form 10-Q for the quarter ended April 3, 2004. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion