Categorized | Business news, National, Retail News

CVS to halt cigarette sales by October

From CNN we have this big news: pharmacy giant CVS is going to stop selling cigarettes:  cvs-2013

CVS/pharmacy stores will stop selling cigarettes and other tobacco products by October 1, its parent company, CVS Caremark, says.

Ending tobacco sales “is the right thing for us to do for our customers and our company to help people on their path to better health,” Larry J. Merlo, president and CEO of CVS Caremark, said in a statement.

The company also announced that it plans to launch a national smoking cessation program in the spring.

The retailer estimates it will take an annual loss of $2 billion from tobacco shoppers. CVS Caremark hasn’t reported its year-end results yet, but it took in nearly $94 billion in revenues in the first nine months of 2013, according to its most recent earnings report.

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