The company reported a 4.9% drop in comparable sales of general merchandise in its stores outside the pharmacy areas, products like toothbrush and household items, as soft customer traffic dented sales. The decline was part of a disappointing first-quarter earnings report by the company, including an 8.6% drop in profit.
CVS CEO Larry Merlo said in a statement that 2017 would be “a rebuilding year” and that CVS “won’t be satisfied until the company returns to sustainable, healthy earnings growth.”
Shares were down 3% in mid-morning trading, erasing $2.4 billion of CVS’ stock market value.
CVS, which has been ramping up its beauty and health products areas at hundreds of stores, has not succeeded in replacing sales lost to its decision…