WOONSOCKET, RI, March 5, 1998 -- CVS Corporation (NYSE:CVS) today announced that same store sales for the four weeks ended February 21, 1998 increased 10.2% over the prior year period. Pharmacy same store sales rose 14.6%. Total pharmacy sales represented 55% of total company sales for February. Total sales for the four-week period were $1.1 billion, an increase of 8.4% from sales of $1.0 billion in the prior year period.
Same store sales for the eight-week period ended February 21, 1998 increased 10.0% over the prior year period. Pharmacy same store sales, year-to-date, increased 15.5%. Total sales for the eight-week period were $2.1 billion, an increase of 8.3% from sales of $1.9 billion in 1997.
On a stand-alone basis, CVS’ same store sales advanced 13.3% in February, while Revco’s same store sales rose 7.2%. For the eight-week period ended February 21, 1998, CVS’ same store sales rose 12.8%, while Revco’s same store sales increased 7.3%.
"We are extremely pleased with our February results," stated Tom Ryan, CVS/Pharmacy’s President and Chief Executive Officer. "February proved to be an outstanding month, highlighted by strength in both CVS’ and Revco’s pharmacy businesses due to the peaking of the flu season in our markets. In addition, CVS’ front store comps benefited from promotional Revco name change events held in several overlap markets," said Mr. Ryan.
CVS, which operates 3,877 stores in 24 states and the District of Columbia, is the leading drug store chain in the Northeast, Mid-Atlantic, Southeast and Midwest.
General information about CVS, including corporate background and press releases, is available through CVS’ web site at http://www.CVS.com.