CVS Stand-Alone Advanced 12.3%, While Revco Rose 7.5%
WOONSOCKET, RI, February 5, 1998 -- CVS Corporation (NYSE:CVS) today announced that same store sales for the four weeks ended January 24, 1998, increased 9.9% over the prior year period. Pharmacy same store sales rose 16.5%. Total pharmacy sales represented 57% of total company sales for January. Total sales for the four week period were $1.0 billion, an increase of 8.3% from sales of $933 million in the prior year period.
On a stand-alone basis, CVS same store sales advanced 12.3% in January, while Revco’s same store sales rose 7.5%.
CVS/Pharmacy President and CEO Tom Ryan stated, "We are extremely pleased with our sales results in January. CVS stand-alone achieved healthy 12.3% comps, despite being up against last year’s very strong pharmacy and front store comps of 24.8% and 10.7%, respectively."
"CVS’ core front store categories continue to show excellent growth. As expected, we continue to experience pressure on Revco’s front store comps from the many converted Revco stores that have not yet had a grand re-opening event. However, the effects of the store remodeling process on the Revco front store business was more than offset by Revco’s strong pharmacy results," Mr. Ryan added. "Both CVS and Revco’s healthy pharmacy numbers reflect the continued growth in managed care as well as a resurgence in the flu season."
The Company also announced that it expects to report its fourth quarter and full year results for 1997 on Monday, February 9, 1998.
CVS, which operates 3,871 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