CVS/Caremark increase revenues 21.4%
CVS/Caremark is the premier integrated pharmacy services provider in the US, announced that total revenues for the four-week period ended April 28, 2007 increased 21.4% to US$3.7 billion, compared to US$3.1 billion in the prior year period. The company noted the results included in this press release do not include any revenues generated by Caremark. On March 22, 2007, CVS Corporation completed its merger with Caremark Rx, Inc., to form CVS/Caremark Corporation, combining one of the nation's leading pharmaceutical services companies with the country's largest pharmacy chain. Total pharmacy revenues represented 68.9% of total company revenues in April.
Same store sales (sales from stores open more than one year) for the four weeks ended April 28, 2007 increased 6.1% over the prior year period. Pharmacy same store sales increased 7.0%, and were negatively impacted by approximately 580 basis points due to recent generic introductions. Front-end same store sales increased 3.9%. Same store sales do not include the drugstores acquired on June 2, 2006, which will be included in same store sales following the one-year anniversary of the acquisition, beginning in fiscal July 2007.
Year-to-date, total revenues for the seventeen-week period ended April 28, 2007, increased 22.5% to US$16.0 billion, compared to US$13.1 billion in 2006. Same store sales for the seventeen-week period increased 7.1% over the prior year period. Pharmacy same store sales increased 7.7%, while front-end same store sales increased 6.0%.


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