CVS Corporation March sales up 34.0 percent

CVS Corporation announced that total sales for the five-week period ended April 2, 2005 increased 34 percent to $3.55 billion. The figure compares to $2.65 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, CVS said in a release. Total pharmacy sales represented 70.9 percent of total company sales in March.

Same store sales for the five weeks ended April 2, 2005 increased 7.5% over the prior year period. Pharmacy same store sales were up 7.1 percent, while front-end same store sales increased 8.5 percent. Same store sales do not include the acquired Eckerd drugstores, which will be included in same store sales beginning in August 2005.

March sales were affected by an earlier Easter (March 27th this year versus April 11th last year), which shifted more holiday sales into March. CVS estimates the Easter shift had a positive impact of approximately 110 basis points on total same store sales and approximately 365 basis points on front-end same store sales, for the five-week period.

Year-to-date, total sales for the thirteen-week period ended April 2, 2005, increased 34.7 percent to $9.18 billion, compared to $6.82 billion in 2004. Same store sales for the thirteen-week period increased 8.2 percent over the prior year period. Pharmacy same store sales increased 8.8 percent, while front-end same store sales increased 6.9 percent.

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