Shoppers Drug Mart revenue up but pro...

Shoppers Drug Mart revenue up but profit slips

Posted in the Georgetown Forum

Lots more to come

North Bay, Canada

#1 Nov 13, 2012
Shoppers Drug Mart revenue up but profit slips
Published 6 minutes ago Share on twitterShare on facebook

The Canadian Press

Shoppers Drug Mart Corp. saw its third-quarter net profit slip as it took a $13-million restructuring charge linked to the rationalization of its central office functions.

The Toronto-based pharmacy operator’s net income was $168 million, down from $172 million a year earlier, the company said Tuesday.

Adjusted net earnings per share, excluding the restructuring and other items, was 81 cents, up from 79 cents in the same year-earlier period and in line with analyst estimates.

Sales revenue increased 3.2 per cent to $3.2 billion and included a 2.3 per cent increase in same-store sales.

Shoppers said net earnings for the third quarter included the $13 million pre-tax restructuring charge along with an offsetting pre-tax gain on disposal of $13 million in respect of a sale-leaseback transaction involving certain retail properties.

Net earnings for the third quarter of the prior year included a pre-tax gain on disposal of $3 million in respect of a sale-lease back transaction.

“This is a strong performance in the context of a challenging economic and competitive environment,” president and CEO Domenic Pilla said.

“And while headwinds remain on the regulatory front, we are encouraged by the early success of our pharmacy growth initiatives, along with the steps we have taken to further reduce costs and promote efficiencies.”

Shoppers said pharmacy sales were $1.54 billion in the quarter, an increase of 1.7 per cent compared with the same period last year.

That reflected strong growth in the number of prescriptions filled at retail, combined with continued sales gains in the company’s MediSystem Technologies and Specialty Health Network businesses, partially offset by a further reduction in average prescription value
Lots more to come

North Bay, Canada

#2 Nov 13, 2012
Halton Hills is putting up more malls not to smart
James

Brockville, Canada

#3 Nov 13, 2012

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