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Even as the COVID-19 outbreak has chilled consumer spending in the U.S., it’s proving to be a boon for CVS Health, with coronavirus testing helping to buoy the drugstore chain’s soft retail business.
CVS Health said on Wednesday, when it raised its profit forecast for the current fiscal year, that it had administered approximately 2 million COVID-19 tests as of the end of July. And some 40% of people being tested at a CVS pharmacy were new customers. What’s more, most tests were scheduled via the CVS app and websites, likely spurring adoption of such tech tools, which are typically “sticky” and help turn users into loyal customers.
The company has also set up some 1,800 drive-thru testing sites and launched a new business-to-business testing program for corporations