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  • negfeedback2000 negfeedback2000 Nov 10, 2003 5:33 PM Flag

    check my math

    cvs has 35% less store volume (sq ft)
    cvs has 46% less employees
    cvs has 16% less revenue
    (round figures)
    Is my research improving?

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    • OK, I found on the walgreens website where it says there are 154,000 employees.

      Seems very high. The number is not confirmed in the 10-K. Per the CVS 10-K, they have 105,000 employees, so until someone explains the WAG website:

      CVS has 32% fewer employees (not 46% fewer)

      CVS has 31.5mm sq ft selling space
      WAG has 42.7mm sq ft selling space
      CVS has 26% less sellings space

      CVS had 24.2B sales
      WAG had 28.7B sales (FY2002)
      CVS had 15% less sales

      CVS reports 2.5mm customers served/day
      WAG reports 3.4mm customers served/day
      CVS serves 26% fewer customers

      WAG had 1.02B in net income and 1.47B.
      CVS had 0.717B in net income.

      CVS had 30% less earnings.

      If all the numbers are correct, CVS is, in fact, peforming better on a per employee basis (as of the most recent fiscal year) and about the same on a per square foot basis (higher sales/sq ft, lower earnings/sq ft). Of course, WAG has approximately half of its stores less than 5 years old, which means that some of them are not yet at full efficiency. It will be interesting to see how these numbers compare when the WAG 10-K for FY 2003 comes out later this month and the CVS 10-K comes out next March.

      • 3 Replies to sleestack86
      • While we're waiting for the WAG 10-K, I re-calculated the numbers using 141,000 employees for WAG (since I was also using last year's sales and earnings figures for WAG). The per employee and per square foot comparisons are as follows:



        We see that CVS is ahead of WAG in sales efficiency, trails in income efficiency, and serves approximately the same number of customers per employee and per square foot. I will update the WAG numbers when the 2003 10-K comes out later this mohth.

      • Dear A/O, according to WAG average store has 33 with 4,247 that is about 140,000 or so...that means that that there is approx. 14,000 in management???..What do we know!

      • Mis spoke,
        should have been wag has 35% (MORE) store volume
        wag has 45% (MORE) employees
        wag has only 16% more sales

        I stand corrected with regarding words.