WOONSOCKET, R.I. — CVS Corp., which earlier today released its fourth quarter earnings, said it plans to enter two new U.S. drugstore markets.
The retail store and pharmacy, which posted an 18 percent increase in earnings for the fourth quarter compared to the year-ago period, said it will enter markets in Phoenix, Ariz. and Las Vegas, Nev. When ranked by total drugstore sales, Phoenix is the 11th largest U.S. drugstore market and Las Vegas is the 38th largest U.S. drugstore market, CVS said.
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In a company statement, chairman, president and CEO Tom Ryan said the company expects to see close to a 50 percent increase in prescription demand in both markets. The company expects to begin opening stores in Las Vegas by the end of this year, with stores in Phoenix set to open during the first half of 2002.
