CVS Corp.’s March same-store sales rose 2.3 percent, blunted by the shift of pre-Easter sales into April.
The Easter shift cut front-end same-store sales for March by about 500 basis points, resulting in a same-store decline of 5.8 percent. Same-store pharmacy sales rose 6.2% despite being hurt by 150 basis points by recent generic drug introductions.
Total sales for the five weeks ended March 29 rose 4.5 percent to $2.42 billion from $2.32 billion a year ago. Pharmacy sales represented 70.3 percent of total company sales in March.
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For the first quarter, CVS’s same-store sales rose 3.9 period over the year-ago period, rising 7.1 percent in pharmacy and falling 2.7 percent in the front end.
The Easter shift hurt front-end same-store sales by about 200 basis points, while generic introductions hurt pharmacy same-store sales by 220 basis points. Total sales for the 13 weeks ended March 29 rose 5.7 percent to $6.31 billion from $ 5.97 billion.
Bloomberg News
