Business
Shoppers Drug Mart Corporation announces strong fourth quarter and full year results - increases quarterly dividend payments by 33 percent
Shoppers Drug Mart Corporation announces strong fourth quarter and full year results - increases quarterly dividend payments by 33 percent.
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 8 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC) today\nannounced its unaudited financial results for the fourth quarter and fiscal\nyear ended December 30, 2006. The Company also announced that its Board of\nDirectors has declared a dividend of 16 cents per common share, payable\nApril 13, 2007 to shareholders of record as of the close of business on\nMarch 30, 2007. This represents an increase in its quarterly dividend payments\nof 33%, resulting in an annualized dividend payment of 64 cents per common\nshare.\n\n\nFourth Quarter Results (12 Weeks)\n\n\nFourth quarter sales increased 10.1% to $2.018 billion, with the Company\nonce again experiencing strong sales growth in all regions of the country. On\na same-store basis, sales increased 6.5% during the fourth quarter of 2006.\nMarket share gains, strong seasonal programs and the addition of new real\nestate, combined with the Company's third quarter acquisition of MediSystem\nTechnologies Inc., drove this top-line growth.\n\n\nPrescription sales increased 11.4% in the fourth quarter to $897 million,\naccounting for 44.4% of the Company's sales mix compared to 43.9% in the same\nperiod last year. On a same-store basis, prescription sales increased 8.2%,\nwith increased generic prescription utilization continuing to temper the\ninflationary impact on prescription sales growth.\n\n\nFront store sales increased 9.0% to $1.121 billion in the fourth quarter,\nwith the Company continuing to experience sales gains in all core categories.\nOn a same-store basis, front store sales increased 5.1% during the fourth\nquarter of 2006.\n\n\nStrong top-line growth, an enhanced sales mix and an on-going commitment\nto cost reduction, all contributed to growth in net earnings. Fourth quarter\nnet earnings increased 15.1% to $133 million or 61 cents per share (diluted)\nfrom $115 million or 53 cents per share (diluted) a year ago.\n\n\nCommenting on the fourth quarter results, Jurgen Schreiber, President and\nCOO stated, \"We are pleased with our performance in the fourth quarter. It was\na strong finish to another good year, leaving us well-positioned heading into\n2007.\"\n\n\nCommenting on the full year results, Glenn Murphy, Chairman and CEO\nstated, \"We are proud of what our Associate-owners and their teams\naccomplished in 2006. Their commitment to operational ex...