The Ban Of Cigarettes At CVS Lowered Smoking Numbers

Posted: Sep 3 2015, 8:51am CDT | by , Updated: Sep 3 2015, 12:28pm CDT, in News | Latest Business News


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The Ban of Cigarettes at CVS Lowered Smoking Numbers
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CVS caused quite a stir last year when they announced that they would no longer be selling tobacco products, as it was directly against all that the company stood for. Now, reports say that in states where CVS has a heavy presence, cigarette sales have dropped 1% - a sizeable portion. The September 2014 decision didn't only drop sales of cigarettes, but it dropped sales at CVS as well. The revenue was down 7.8% in the second quarter when compared to a year earlier, according to the company.

However, CVS isn't discouraged by those numbers, according to Reuters.

The company also saw a rise in the purchase of expensive nicotine patches by 4%, and in 26 states where CVS pharmacies operate, it saw a market share of 15 percent or greater. They also revealed that the number of visits to the clinics that the store offers, which help smokers find the best way to quit, nearly doubled.

The 1 percent reduction in sales of cigarette packs occurred in 13 of the states where CVS's market share was at least 15 percent. This would be equal to every smoker in those states buying about five packs of cigarettes less in a calendar year, or a total of 95 million fewer packs sold. The company figured that they held 1.5-2% of the tobacco market in the US before they stopped selling the products, which accounted for about $2 billion in sales per year for the big tobacco companies.

Chief Medical Officer Troyen Brennan said many people thought that smokers would go elsewhere to buy cigarettes once the chain stopped selling them, but they might have been wrong. "The data shows that our decision to not sell cigarettes did have an impact," he said.

CVS, with 7,800 retail pharmacies, is the second-largest manager of prescription-drug benefits in the US.

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<a href="/latest_stories/all/all/46" rel="author">Noel Diem</a>
Noel passion is to write about geek culture.




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