Shoppers Drug Mart has reported a solid rise in profits and sales for the third quarter, helped by increased demand for prescription drugs and beauty care products. For the quarter ending 10 October, net profit rose by 6.6% to C$170.9m (79 cents a share), while revenue was up a stronger 7.9% to C$3.01bn.
The results were boosted by a 9.7% rise in prescription-drug sales to C$1.48bn, which outpaced the 6.2% rise in general merchandise sales (excluding tobacco) to C$1.53bn. On a same-stores basis, group sales rose by 4.8%, prescription drug sales were up 5.8%, and general merchandise sales rose by 3.9%.
CEO Jurgen Schreiber said the company was happy with the results, noting, “Top line is up, profitability is in line with our expectations, we're winning customers”.
Shoppers Drug Mart, Canada’s largest pharmacy chain, opened or bought 37 outlets in the period, including 15 relocations, and had 1,282 stores at the end of the quarter.
Namnews - Thursday 12th November 2009
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