Woonsocket-based CVS Corp. announced Thursday that total sales for the five-week period ended July 2 increased 31.4 percent to $3.5 billion, compared to $2.7 billion in the prior year period. The increase includes the impact of the acquisition completed on July 31, 2004, of 1,268 Eckerd drugstores, as well as Eckerd’s pharmacy benefit management and mail order pharmacy business. Total pharmacy sales represented 70.0 percent of total company sales in June.
Same-store sales (sales from stores open more than one year) for the five weeks ended July 2 increased 5.8 percent over the prior year period. Pharmacy same-store sales increased 6.7 percent, despite being negatively impacted by approximately 210 basis points due to recent generic introductions, which are being substituted for higher priced brand named drugs. Front-end same-store sales increased 4.1 percent. Same-store sales do not include the acquired Eckerd drugstores, which will be included in same-store sales beginning in August 2005, the company said.
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For the second quarter, total sales increased 31.4 percent to $9.1 billion, compared to $6.9 billion in the prior year period. Same-store sales for the 13 weeks ended July 2 increased 5.6 percent over the prior year period. Pharmacy same-store sales increased 7.4 percent, while front-end same-store sales increased 1.7 percent. Quarterly sales were negatively impacted by an earlier Easter (March 27 this year vs. April 11 last year), which shifted more holiday sales into the first quarter. The company estimates the Easter shift had a negative impact of approximately 130 basis points on front-end same-store sales. Total pharmacy sales represented 70.6 percent of total company sales in the quarter.
Year-to-date, total sales for the 26-week period ended July 2 increased 33.0 percent to $18.3 billion, compared to $13.8 billion in 2004. Same-store sales for the 26-week period increased 6.9 percent over the prior year period. Pharmacy same-store sales increased 8.1 percent, while front-end same-store sales increased 4.2 percent.
The company also announced Wednesday a quarterly dividend of $0.03625 per share on the common stock of the corporation, payable Aug. 1 to holders of record on July 21.
CVS is the country’s largest retail pharmacy, operating 5,439 retail and specialty pharmacy stores in 36 states and the District of Columbia.
