CVS Corporation May sales up 7.7%

CVS Corporation today announced that total sales for the four-week period ended May 29, 2004 increased 7.7 percent to $2.17 billion, compared to $2.01 billion in the prior year period.

Same store sales (sales from stores open more than one year) for the month increased 6.1 percent compared to the same time last year, the Woonsocket-based company said. Pharmacy same store sales increased 5.9 percent, while front-end same store sales increased 6.5 percent. Total pharmacy sales represented 68.6 percent of total company sales in May, CVS said.

Year-to-date, total sales increased 7.8 percent to $11.10 billion, compared to $10.30 billion in 2003. Same store sales for the year-to-date increased 6.1 percent compared to the same period in 2003. Pharmacy same store sales increased 7.7 percent, while front-end same store sales increased 2.8 percent, the company said. As of May 29, 2004, CVS operated 4,194 retail and specialty pharmacy stores in 32 states and the District of Columbia. On April 5, 2004, the Company announced that it would acquire approximately 1,260 Eckerd drug stores, located mainly in the southern United States, in addition to Eckerd Health Services, which includes Eckerd’s mail order and pharmacy benefit management businesses.

On June 1, 2004, the Company announced that the Federal Trade Commission had granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for this transaction. CVS said it anticipates that the Eckerd transaction will close in July.