CVS Corporation Reports Sales in Line with Guidance; March Sales Increase 4.5%, While First Quarter Sales Rise 5.7%.Business Editors WOONSOCKET, R.I.--(BUSINESS WIRE)--April 8, 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 March 29, 2003 increased 2.3% over the prior year period. Pharmacy same store sales increased 6.2%, despite being negatively impacted by approximately 150 basis points due to recent generic introductions, which are being substituted for higher priced brand named drugs. Front-end same store sales decreased 5.8%. As expected, March sales were negatively impacted by a later Easter (April 20th this year versus March 31st last year), which shifted more holiday sales into April. The Company estimates the Easter shift had a negative impact of approximately 500 basis points on front-end same store sales for the five-week period. Total sales for the five-week period ended March 29, 2003 increased 4.5% to $2.42 billion, compared to $2.32 billion in the prior year period. Total pharmacy sales represented 70.3% of total company sales in March. Year-to-date, same store sales for the thirteen-week period ended March 29, 2003 increased 3.9% over the prior year period. Pharmacy same store sales increased 7.1%, despite being negatively impacted by approximately 220 basis points due to recent generic introductions. Front-end same store sales decreased 2.7%. The Company estimates the Easter shift had a negative impact of approximately 200 basis points on front-end same store sales for the thirteen-week period. Total sales for the thirteen-week period increased 5.7% to $6.31 billion, compared to $5.97 billion in 2002. Given the expected impact of the Easter shift, which will benefit April's results, the Company had guided to total sales growth for the quarter of 5% to 7%, and same store sales growth of 4% to 6%. These reported results are right in line with the Company's guidance. As of March 29, 2003, CVS operated 4,099 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 #1 pharmacy dispensing prescriptions in more stores than any other retailer. CVS has created innovative approaches to serve the healthcare needs of all customers through its approximately 4,100 CVS/pharmacy(R) stores; CVS.com(R), its online pharmacy; and PharmaCare Management Services, 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. and specialty pharmacy business. 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://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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the annual period ended December 28, 2002. |
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