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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001047469-98-018950.txt : 19980511
<SEC-HEADER>0001047469-98-018950.hdr.sgml : 19980511
ACCESSION NUMBER:		0001047469-98-018950
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19980508
ITEM INFORMATION:		
FILED AS OF DATE:		19980508
SROS:			NYSE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVS CORP
		CENTRAL INDEX KEY:			0000064803
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
		IRS NUMBER:				050494040
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		
		SEC FILE NUMBER:	001-01011
		FILM NUMBER:		98614522

	BUSINESS ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895-
		BUSINESS PHONE:		4017651500

	MAIL ADDRESS:	
		STREET 1:		ONE CVS DR.
		CITY:			WOONSOCKET
		STATE:			RI
		ZIP:			02895-

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MELVILLE CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MELVILLE SHOE CORP
		DATE OF NAME CHANGE:	19760630
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<DESCRIPTION>8-K
<TEXT>

<PAGE>

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------


                                   UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C.  20549
                                          
                                          
                                      FORM 8-K
                                          
                                   CURRENT REPORT
                          Pursuant to Section 13 or 15(d)
                       of the Securities Exchange Act of 1934
                                          
                                          
           Date of Report (Date of earliest event reported):  May 8, 1998
                                          
                                          
                                  CVS CORPORATION
              --------------------------------------------------------
               (Exact Name of Registrant as Specified in its Charter)
                                          
                                          
<TABLE>

<S>                         <C>                         <C>
        Delaware                    1-1011                           05-0494040
- ------------------------    ------------------------    ------------------------------------
(State of Incorporation)    (Commission File Number)    (IRS Employer Identification Number)


</TABLE>

<TABLE>

<S>                                                      <C>
             One CVS Drive                              
        Woonsocket, Rhode Island                              02895
   ----------------------------------------                ----------
   (Address of Principal Executive Offices)                (Zip Code)


</TABLE>


                               (401) 765-1500
            ------------------------------------------------------
             (Registrant's telephone number, including area code)


        ---------------------------------------------------------------
         (Former Name or Former Address, if Changed Since Last Report)


- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------


<PAGE>


ITEM 5.  Other Events

     CVS Corporation ("CVS") through this filing complies with a
covenant contained in its Merger Agreement with Arbor Drugs,
Inc. ("Arbor") that requires CVS to report interim financial
results that include a 30-day period following the effective
date of the merger of Arbor and a wholly-owned subsidiary of CVS
(the "Merger").  The Merger was consummated on March 31, 1998.

     For the 30-day period ending April 30, 1998, CVS reported
net sales of $1.24 billion and net earnings of $42.2 million,
excluding a non-recurring $114.0 million after-tax charge
recorded in connection with the Merger.  Including the
non-recurring charge, CVS reported a net loss of $71.8 million
for the 30-day interim period.


                                          2
<PAGE>


                                     SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorized.

                                             CVS CORPORATION
                                             (Registrant)


May 8, 1998                                   /s/  Charles C. Conaway    
                                              ----------------------------
                                              CHARLES C. CONAWAY
                                              Executive Vice President and
                                              Chief Financial Officer


                                          3
 
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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