CVS sees like-for-likes grow
US pharmacy chain reports increase in holiday sales
January 7 2003
US drugstore operator chain CVS Corporation saw total like-for-like sales increase by 4 per cent in the five weeks to the end of December
The company, which operates more than 4000 outlets in the USA, said pharmacy like-for-like sales increased by 7.6 per cent, despite the introduction of more generic products, which are being substituted for higher priced branded drugs.
December sales were hit by the timing of the Thanksgiving holiday, which fell in the December reporting period this year, rather than November. November and December combined saw total like-for-like sales increase by 6.6 per cent, while pharmacy like-for-likes rose by 10.9 per cent.
Total sales for the five-week period ended December 28, 2002 increased 3.8 per cent to $2.55 billion, compared to $2.46 billion in the prior year period. Pharmacy sales represented 63.5 per cent of total company sales in December.
Like-for-like sales for the full year increased by 8.4 per cent, with total sales for the 2002 increasing by 8.7 per cent to $24.18 billion. Pharmacy sales represented 67.6 per cent of total company sales for the year.
