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CVS Chief Financial Officer Dave Denton told analysts on a conference call Tuesday that the drug chain’s private label penetration remained steady during a strong second quarter for the company.
Same-store sales at Woonsocket, R.I.-based CVS rose 5.6 percent in the quarter, while retail operating profits soared 18.5 percent. Front store business, in customer traffic and average front-end ticket, rose in the quarter as well. Market share growth in the drug chain rose 1.23 percent for CVS in the quarter.
“Our private label penetration is about 17 percent,” Denton said in a response to a question from Goldman Sachs analyst Matthew Fassler, according to transcripts from Seeking Alpha. “Essentially flat year-over-year at this point in time. We continue to focus on it, Matt, and as we’ve said, we see opportunities to improve that over the coming years to get that mix up to 20 percent.”
CVS’ private label penetration was 17 percent as well in 2010, according to the latest PLBuyer Top 35 Private Label North American Retailers list. CVS was 16thin the most recent rankings.