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CVS Says Not Selling Cigarettes Is the Right Thing to Do

2/05/14 11:34 AM EST
CVS Caremark said on Wednesday that it will stop selling cigarettes and other tobacco products by Oct. 1, becoming the first national pharmacy chain to do so. CVS President and CEO Larry Merlo said the move will more align the company with its purpose of helping people better their health. The decision is being praised by President Barack Obama, a former smoker himself. However, Bonnie Herzog, Managing Director of Beverage, Tobacco & Convenience Store Research at Wells Fargo, called CVS' decision surprising, as cigarettes drive foot traffic. Herzog said other retailers like convenience stores will benefit from CVS' decision, especially if more drug retailers stop selling tobacco products as well.
Stocks in this video: CVSWFCWAG
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