Woonsocket – CVS Corp. announced last week that total sales for the four-week period ended Feb. 26 increased 35.9 percent to $2.89 billion, compared to $2.13 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 70.2 percent of total company sales in February.
Same-store sales (sales from stores open more than one year) for the four weeks ended Feb. 26 increased 9.2 percent over the comparable prior year four-week period. Pharmacy same-store sales increased 10.5 percent, while front-end same-store sales increased 6.4 percent. Same-store sales do not include the acquired Eckerd drugstores, which will be included in same-store sales beginning in August 2005.
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Year-to-date, total sales for the eight-week period ended Feb. 26 increased 35.1 percent to $5.63 billion, compared to $4.17 billion in 2004. Same-store sales for the eight-week period increased 8.6 percent over the prior year period. Pharmacy same-store sales increased 9.9 percent, while front-end same store sales increased 5.9 percent.
“I am very pleased with our sales growth so far this quarter,” stated Tom Ryan, chairman, president and CEO of CVS, in a release. “Our results have been above our expectations and have been driven primarily by strong flu-related sales in both the pharmacy and the front-end’s cough and cold categories.”
Given these results, the company raised its first-quarter diluted earnings per share guidance to a range of 66 cents to 69 cents, up from its earlier guidance of 59 cents and 61 cents. The company also raised its full-year diluted earnings per share guidance to a range of $2.66 to $2.72, up from its earlier guidance of $2.62 and $2.68, both excluding the impact of expensing stock options.
CVS operates 5,398 retail and specialty pharmacy stores in 36 states and the District of Columbia as of Feb. 26.
