Woonsocket-based CVS Corp. announced yesterday that total sales for the five-week period ended April 3, increased 9.5 percent to $2.65 billion, compared to $2.42 billion in the prior year period, according to a release.
Same-store sales (sales from stores open more than one year) for the five weeks ended April 3, increased 7.8 percent over the prior year period. Pharmacy same-store sales increased 9.1 percent, while front-end same-store sales increased 4.7 percent. Total pharmacy sales represented 70.7 percent of total company sales in March.
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March sales were slightly impacted by an earlier Easter (April 11 this year vs. April 20 last year), which shifted more holiday sales into March. The company estimates the Easter shift had a positive impact of approximately 40 basis points on total same-store sales for the five-week period.
Year-to-date, total sales for the 13-week period ended April 3, increased 8 percent to $6.82 billion, compared to $6.31 billion in 2003. Same-store sales for the 13-week period increased 6.4 percent over the prior year period. Pharmacy same-store sales increased 8.3 percent, while front-end same store sales increased 2 percent.
As of April 3, CVS operated 4,187 retail and specialty pharmacy stores in 32 states and the District of Columbia. On April 5, the company entered into a definitive agreement under which it will acquire 1,260 Eckerd drugstores, located mainly in the southern United States, in addition to Eckerd Health Services, which includes Eckerd’s mail order and pharmacy benefit management businesses. The transaction is subject to review under the Hart-Scott-Rodino Act as well as other customary closing conditions, and is expected to close in June of 2004.
