CVS Caremark plans to stop tobacco products sales

Yahoo Finance ^

[Red in Blue PA]

CVS Caremark is kicking the habit of selling tobacco products at its more than 7,600 drugstores nationwide as it focuses more on providing health care.

The nation's second-largest drugstore chain said Wednesday that it will phase out cigarettes, cigars and chewing tobacco by Oct. 1, a move that will cost about $2 billion in annual revenue but won't affect its 2014 earnings forecast. CVS Caremark leaders say removing tobacco will help them grow the company's business of working with doctors, hospitals and other care providers to improve customers' health.

[Conscience of a Conservative]

I simply cannot believe what I am reading. These people must have never owned individual stocks because this CEO is abdicating his responsibility and it is clear as day.

Just because YOU disagree with a business decision does not mean that the CEO (and others) who made that decision has "abdicated his responsibility." And yes, I have owned (and do own) individual stocks.

[Gaffer]

You might be right on walk in because of publicity, but I still think price, ease and time to get prescriptions will be the long term determinate.

[estrogen]

VS is a private enterprise. If they want to make the short-sighted business decision to drop tobacco sales, it’s entirely their call.

cvs is not a private co. it is a publically traded co.

[Tolerance Sucks Rocks]

Sick. Maybe it's time for a boycott. I can always go to another pharmacy in town, I suppose.

Irish Blacks Smokers need not apply.

Nanny State PING!

[Tolerance Sucks Rocks]

Yes, but it’s still part of the whole, “Let’s go after smokers . . . for their own good” meme. Therefore, I will seriously consider moving my prescriptions to another pharmacy and minimize my other shopping there.

And yes, this is the private adjunct to the nanny state. They might as well be trying to tell us what to do, just like the government. An infernal PPP, as it were.

[Tolerance Sucks Rocks]

Do their shareholders know about this, then? Maybe Soros is one of them.

[Tolerance Sucks Rocks]

CEO: It's a "contradiction" to help people be healthier and sell tobacco products CBS News

Does that include schizophrenics who pick their meds up there? I've heard that smoking could have a calming effect on people with that devastating illness.

[freedom462]

I propose a boycott of all pharmacies that don’t sell tobacco, marijuana, alcohol, and painkillers and/or don’t allow open carry in their stores.

Anyone else on board with that?

[Tolerance Sucks Rocks]

I propose a boycott of all pharmacies that don’t sell tobacco, marijuana, alcohol, and painkillers and/or don’t allow open carry in their stores.

Anyone else on board with that?

Given all the PC floating around, we might as well learn how to make our own prescription medications if we're going to do that. :-)

[TigersEye]

More people are killed by the legally prescribed drugs this one company sells than all tobacco related deaths put together. BTW, is CVS legally responsible for drunk driving that occurs on alcohol they sell?

[Hilda]

And for every person like you there's probably 10 who are saying this morning, "Great for CVS. I'm going to start shopping there."

And they make their purchases with food stamps as they proclaim their love for big government.

If people don't smoke, they must be on food stamps?

From what I've seen, people on food stamps are more likely to smoke than the middle class.

[Hilda]

It’s not a Government decision; it’s a private company’s business decision. Aside from positive PR, it frees up shelf space. Something else will go there that probably has a higher profit margin and more of a future.

[Amagi]

If people don't smoke, they must be on food stamps?
How did you derive that conclusion?

From what I've seen, people on food stamps are more likely to smoke than the middle class.
Interesting anecdotal insight. Thanks.

[Alamo-Girl]

Thanks for the ping!

[Red in Blue PA]

It’s not a Government decision; it’s a private company’s business decision

If you think no politics went into this in the background, then I have a bridge to sell you. They even got an atta boy from obozo.

Oh, and the stock price yesterday? CVS was DOWN while Walgreen's and Riteaid were UP. So we can see this is NOT about what is best for the shareholders.

[WayneS]

I already do that - apart from the marijuana, which is still illegal in my state.

[WayneS]

...or lottery tickets.

What if one of their customers has a gambling addiction?

...

[NRA1995]

It isn’t in Maryland. Sheetz or Wawa are definitely cheaper.

[ToastedHead]

You are absolutely correct. The only front end sales overnight are directly related to cigarettes, so they might as well get rid of the snack section. Furthermore, I had a lot of walk in emergency room people buy cigarettes with their rx. (Don’t care, free country, sales mean job security.) Those rxs will now go to Walgreens.

I see this being a move to further cut staff hours, conveniently disguised as “caring about people.”

[Hilda]

If you think no politics went into this in the background, then I have a bridge to sell you.

I have no reason to believe that it did. Yes, zero said he liked it. So have some conservatives. I don't see how smoking has much to do with party.

Oh, and the stock price yesterday? CVS was DOWN while Walgreen's and Riteaid were UP.

That's true, but I'm certainly not going to assume long-term sales on the basis of one day in the stock market. It might be a real indicator and the reaction of real investors. It might mean that it just affected some idiot day-traders. Or it might be coincidence. And it was only about 1% each way. One day in the stock market doesn't tell you about a long-term plan.