WOONSOCKET, RI, January 9, 1998 -- CVS Corporation (NYSE:CVS) today announced that same store sales, including both CVS’ and Revco’s results for the five weeks ended December 27, 1997, increased 4.9% over the prior year period. Combined pharmacy same store sales rose 11.7%. Combined total sales for December rose 3.0% to $1.39 billion from sales of $1.35 billion in December of last year. Combined pharmacy sales represented 50% of the total sales volume in December.
Combined same store sales for the fifty-two week period ended December 27, 1997 increased 9.8% over the prior year period. Combined pharmacy same store sales, year-to-date, increased 16.7% over the prior year period. The combined company’s total sales for the fifty-two week period were $12.74 billion, an increase of 16.4% from sales of $10.94 billion in 1996.
Stand-alone same store sales for CVS increased 7.4% in December, while Revco’s same store sales rose 1.9%. For the fifty-two week period ended December 27, 1997, CVS’ same store sales rose 10.5%, while Revco’s same store sales increased 9.0%.
"We are very pleased that CVS stand-alone continued its healthy operating performance in December despite being up against last year’s excellent front store and pharmacy results, especially given last year’s strong flu season," said CVS/Pharmacy President and CEO Tom Ryan.
"As we expected, the impact of the many converted Revco stores that have not yet had a grand reopening event as well as a cutback in Revco’s promotional program in December led to softer front store comps at Revco. However, Revco’s front store sales are a much higher quality, which should bode well for our fourth quarter earnings performance."
CVS, which operates 3,888 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.