WOONSOCKET – CVS Corp. recently announced that total sales for the five-week period ended Oct. 1 increased 7.3 percent to $3.5 billion, compared to $3.3 billion in the prior year period. Total pharmacy sales represented 71.1 percent of total company sales in September.
Same-store sales (sales from stores open more than one year) for the five weeks ended Oct. 1 increased 5.7 percent over the prior year period. Pharmacy same store sales increased 5.6 percent, despite being negatively impacted by approximately 170 basis points due to recent generic introductions, which are being substituted for higher priced brand named drugs, the company said. Front-end same store sales increased 5.9 percent. Same store sales exclude stores closed for seven or more consecutive days as a result of hurricanes Katrina and Rita.
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Beginning with the four weeks ended Aug. 27, same store sales include the impact of the acquisition completed on July 31, 2004, of 1,268 drugstores. The inclusion of the acquired stores benefited total September same store sales by approximately 150 basis points, as both front-end and pharmacy same store sales at the acquired stores positively impacted the overall results, CVS said.
For the third quarter, total sales increased 13.4 percent to $9.0 billion, compared to $7.9 billion in the prior year period. Same store sales for the 13 weeks ended Oct. 1 increased 5.7 percent over the prior year period. Pharmacy same store sales increased 5.8 percent, while front-end same store sales increased 5.4 percent. Total pharmacy sales represented 70.6 percent of total company sales in the quarter.
The company is narrowing its earnings guidance for the third quarter from a range of 29 cents to 31 cents per diluted share to a range of 29 cents to 30 cents per diluted share. The company will announce its third quarter earnings results on Nov. 3.
Year-to-date, total sales for the 39-week period ended Oct. 1 increased 25.9 percent to $27.3 billion, compared to $21.7 billion in 2004. Same store sales for the 39-week period increased 6.5 percent over the prior year period. Pharmacy same store sales increased 7.3 percent, while front-end same store sales increased 4.6 percent.
CVS is America’s largest retail pharmacy, operating 5,461 retail and specialty pharmacy stores (including stores which remain closed as a result of hurricanes Katrina and Rita) in 37 states and the District of Columbia as of Oct. 1.
