CVS Health reports retail gains from COVID-19

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CVS Health reports retail gains from COVID-19

By Dan Ochwat - 05/11/2020

COVID-19 related purchases in consumer health products and general merchandise helped boost first-quarter, front-store sales by 8.5% at CVS Health compared with a year ago.

The retailer saw an 8% increase in same-store sales, as well as an 8.3% increase in fiscal Q1 revenues of $66.8 billion

The company’s overall success was attributed to the strong gains it saw in consumer health and general merchandise sales, which was primarily driven by COVID-19 related sales; the expansion of the CarePass program; and the impact of the additional day in 2020 due to the leap year.

Tom Caporaso, Clarus Commerce CEO said, "CVS already wins over customers for transactional benefits, but CarePass’ additional offerings, like 24/7 access to a live pharmacist, are meeting the emotional needs of its customers, ensuring peace of mind by consolidating shopping and health needs into one easy step, which can be done entirely online and from the safety of consumers’ homes. For many shoppers, this timeframe has been a defining moment for their brand loyalty, and CVS CarePass has given customers several reasons to stay.”

Read more on CVS’ Q1 gains here in sister publication Drug Store News.