CVS Caremark stores to phase out tobacco sales

WOONSOCKET – CVS Caremark Corp. will stop selling tobacco products at its 7,600 retail stores nationwide by Oct. 1 this year, the pharmacy chain announced last week. More

To continue reading this article, please do one of the following.



retail

CVS Caremark stores to phase out tobacco sales

Posted 2/10/14

WOONSOCKET – CVS Caremark Corp. will stop selling tobacco products at its 7,600 retail stores nationwide by Oct. 1 this year, the pharmacy chain announced last week.

“As the delivery of health care evolves with an emphasis on better health outcomes, reducing chronic disease and controlling costs, CVS Caremark is playing an expanded role in providing care through our 26,000 pharmacists and nurse practitioners,” said Larry Merlo, president and CEO of CVS Caremark, in a video posted to the company’s website. “Tobacco products have no place in a setting where health care is delivered.”

CVS Caremark is the first national pharmacy chain to make the decision to pull tobacco products from its stores, Merlo said. Representatives of Walgreen Co. and Rite Aid Corp., CVS Caremark’s major competitors, did not immediately respond to requests for comment.

In announcing the decision to stop selling cigarettes and tobacco at CVS retail stores, Merlo cited chronic medical conditions treated by CVS health care professionals such as high blood pressure, high cholesterol and diabetes, which are exacerbated by smoking.

“Removing tobacco products from our stores is the right thing to do,” he said.

CVS Caremark expects to lose approximately $2 billion in annual revenue generated by tobacco sales and other purchases made by shoppers drawn to CVS drugstores for tobacco products. The impact to 2014 earnings per share is expected to be in the range of 6 to 9 cents. •

Calendar
PBN Hosted
Events

Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
  • Manufacturing Awards
    Applications are now being accepted for the 2nd Annual Manufacturing Awards. Dea ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement