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February 05, 2014

CVS To Stop Selling Tobacco Products

CVS announced that it will stop selling tobacco products in all of its stores by October of this year.

CVS, the nation's second largest pharmacy chain, said Wednesday that it would stop selling all cigarettes and tobacco products nationwide by October, saying they have no place in a drugstore company that is trying to become more of a health-care provider. (....) For CVS, the move will be costly. The drugstore chain estimates it will lose $2 billion in annual revenue from tobacco and other sundries as a result, which amounts to about six to nine cents a share this year and about 17 cents annually from next year on. CVS, with annual revenue of more than $123 billion, projects its 2014 earnings will be $4.36 to $4.50 a share.

They are a private company (publicly traded) and entitled to make whatever business decision they see fit. While I never discourage personal boycotts, I think an organized one would be silly. Many people support Hobby Lobby's right to not provide abortion coverage to employees on moral grounds. The same should be true for a company like CVS.


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posted by BenK at 11:17 AM

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