Legal News

CVS Will No Longer Sell Tobacco Products
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

It was announced early Wednesday morning that CVS Caremark Corp will not sell tobacco products in its 7,600 stores by the month of October, according to Reuters. CVS will become the first drugstore chain in the country to remove cigarettes from its shelves.

“I think it will put pressure on other retailers who want to be in healthcare,” said CVS Caremark Chief Medical Officer Dr. Troyen Brennan.

  
What
Where


Other retailers stopped selling cigarettes quite some time ago, including Target in 1996 and Wegmans Food Markets in 2008.

CVS noted that the move to stop selling cigarettes will not put a dent in the company’s profits. The company noted that it would lose some $2 billion in annual sales to go along with 6 and 9 cents of profit per share in 2014.

The move to stop selling cigarettes comes not long after the company bolstered its position in the market of healthcare.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




In December, CVS said that it was expecting its pharmacy benefit manager revenues to increase anywhere from 7.25 percent and 8.5 percent for 2014. This growth, if it occurs, would outpace the growth of the retail business, which sits between 2 and 3.25 percent.

Officials at CVS said that lost sales from the removal of tobacco products will be made up by selling smoking cessation products at its pharmacies. The pharmacies will also offer more programs to its Caremark members.





 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney with motions experience

USA-WA-Seattle

Seattle office of our client seeks mid-level litigation attorney with 3-5 years of experience, inclu...

Apply Now

Environmental /Land Use Attorney with 2-3 years of experience

USA-CA-San Francisco

San Francisco office of our client seeks environmental /land use attorney with 2-3 years of experien...

Apply Now

Litigation Attorney with 2-5 years of insurance defense experience

USA-FL-Jacksonville

Jacksonville office of our client seeks litigation attorney with 2-5 years of previous insurance def...

Apply Now

Tax Associate with Real Estate / Capital Markets Experience

USA-IL-Chicago

Chicago office is seeking a tax attorney with 3-5 years of experience. Significant experience in rea...

Apply Now

RELEVANT JOBS

LITIGATION ATTORNEY

USA-CA-Emeryville

Boutique East Bay litigation defense firm is seeking a junior to mid-level attorney. Candidates for ...

Apply now

Managing Director, Litigation Finance Investments

USA-FL-Tampa

Title                ...

Apply now

Contract Associate

USA-CA-Sausalito

Seeking lawyer with at least 2 yrs experience in complex real estate transactional matters, with wil...

Apply now

Senior Associate Attorney

USA-CA-Irvine

We are a boutique-sized law firm (6 attys) seeking a self-motivated litigation senior associate from...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top