Business
Shoppers Drug Mart Corporation announces strong second quarter results - net earnings increase 18.9 percent
Shoppers Drug Mart Corporation announces strong second quarter results - net earnings increase 18.9 percent.
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, July 18 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC) today\nannounced its financial results for the second quarter ended June 16, 2007.\n\n\nSecond Quarter Results (12 Weeks)\n\n\nSolid top line growth and an enhanced sales mix continued to drive strong\ngrowth in net earnings. Second quarter net earnings increased 18.9% to\n$112 million or 52 cents per share (diluted) from $94 million or 44 cents per\nshare (diluted) a year ago.\n\n\nSales in the second quarter were $1.928 billion compared to\n$1.768 billion in the same period last year, an increase of $160 million or\n9.0%, with continued strong sales growth experienced in all regions of the\ncountry. On a same-store basis, sales increased 5.3%.\n\n\nPrescription sales increased 8.8% in the second quarter to $905 million,\naccounting for 46.9% of the Company's sales mix compared to 47.1% in the same\nperiod last year. On a same-store basis, prescription sales increased 5.4%.\nComparable store prescription sales growth was driven by strong growth in the\nnumber of prescriptions filled, despite increased generic prescription\nutilization that had a deflationary impact of approximately 400 basis points\non sales growth in the category. While deflationary to sales, this shift\nresults in a more desirable and profitable sales mix in the dispensary.\n\n\nFront store sales increased 9.3% in the second quarter to $1.023 billion,\nwith the Company once again experiencing sales gains in all categories. On a\nsame-store basis, front store sales increased 5.3%.\n\n\nCommenting on the quarter, Jurgen Schreiber, President and CEO stated,\n"We are pleased with our second quarter results and our performance throughout\nthe first half of 2007. Strong growth in sales and profitability continues to\nprovide us with the operating leverage and financial flexibility required to\nexecute upon our operating, investing and financing strategies for the\nremainder of 2007 and beyond."\n\n\nFirst Half Results (24 Weeks)\n\n\nFirst half sales increased 9.5% to $3.767 billion, with both prescription\nsales and front store sales up 9.5%. On a same-store basis, first half sales\nincreased 5.8%, with prescription sales up 6.1% and front store sales up 5.5%.\nDuring the first half of 2007, prescription sales accounted for 47.8% of the\nCompany's sales mix, unchanged from the same...