CVS Corporation today announced that same store sales (sales from stores open more than one year) for the four weeks ended February 22, 2003 increased more than 4 percent over the prior year period.
Pharmacy same store sales increased 6.7 percent, despite being negatively impacted by approximately 300 basis points due to recent generic introductions, which are being substituted for higher priced brand named drugs. Front-end same store sales decreased 1.1 percent.
Severe snowstorms in February in the Northeast and Mid-Atlantic states affected more than half of the Company’s stores. The severe weather is estimated to have negatively impacted February same store sales by approximately 150 basis points. The Company stated that this minor disruption should not impede its ability to achieve its earnings targets in the quarter.
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Total sales for the four-week period ended February 22, 2003 increased 5.9 percent to $1.98 billion, compared to $1.87 billion in the prior year period. Total pharmacy sales represented 67.8 percent of total company sales in February.
Year-to-date, same store sales for the eight-week period ended February 22, 2003 increased 4.9 percent over the prior year period. Pharmacy same store sales increased 7.7 percent, while front-end same store sales decreased 0.7 percent. Total sales for the eight-week period increased 6.5 percent to $3.89 billion, compared to $3.65 billion in 2002.
