Drug Chains Report Sales

With reports from CVS and Rite Aid


CVS Corporation September Sales Increase 8.8%

WOONSOCKET, RI, October 7, 2003--CVS Corporation today announced that total sales for the five-week period ended September 27, 2003 increased 8.8% to $2.49 billion, compared to $2.29 billion in the prior year period, according to a Business Wire release.

Same store sales for the five weeks ended September 27, 2003 increased 6.6% over the prior year period. Pharmacy same store sales increased 8.2%, while front-end same store sales increased 3.1%. Total pharmacy sales represented 69.7% of total company sales in September.

For the third quarter, total sales increased 8.5% to $6.38 billion, compared to $5.88 billion in the prior year period. Same store sales for the 13 weeks ended September 27, 2003 increased 6.4% over the prior year period. Pharmacy same store sales increased 8.5%, while front-end same store sales increased 1.9%. Total pharmacy sales represented 69.4% of total company sales in the quarter.

Year-to-date, total sales for the thirty-nine week period ended September 27, 2003, increased 7.3% to $19.14 billion, compared to $17.84 billion in 2002. Same store sales for the thirty-nine week period increased 5.2% over the prior year period. Pharmacy same store sales increased 7.7%, while front-end same store sales increased 0.2%.

"I am very pleased with our results as we finished the third quarter," stated Tom Ryan, chairman, president, and ceo. "I believe we are starting to see the benefits of the merchandising and customer service initiatives in our stores. In addition, third quarter gross margin was better than expected. Our solid sales growth, coupled with our gross margin performance, will enable us to deliver approximately 46 cents per diluted share, exceeding earlier expectations," concluded Ryan. The company raised its full year estimate of diluted earnings per share to a range of $1.95-$2.00, up from its earlier guidance of $1.93-$1.98.

As of September 27, 2003, CVS operated 4,137 retail and specialty pharmacy stores in 32 states and the District of Columbia.


Rite Aid September Comps Up 6%

CHICAGO, October 7, 2003--Drugstore chain Rite Aid Corp. said on Tuesday that sales rose 6% in the four weeks ended September 27 at stores open at least a year, boosted by gains in both prescription drugs and nonprescription items.

Total drugstore sales rose 5.2% to $1.24 billion in the period, the company said, according to a Reuters release.