Shoppers Drug Mart Corporation announces third quarter earnings of $143 million - an increase of 15.1%

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[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 6 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC) today\nannounced its financial results for the third quarter ended October 6, 2007.\n\n\nThird Quarter Results (16 Weeks)\n\n\nSolid top line growth and a favourable sales mix continued to drive\nstrong growth in net earnings. Third quarter net earnings increased 15.1% to\n$143 million or 66 cents per share (diluted) from $124 million or 57 cents per\nshare (diluted) a year ago.\n\n\nSales in the third quarter were $2.543 billion compared to $2.329 billion\nin the same period last year, an increase of $214 million or 9.2%, with\ncontinued strong sales growth experienced in all regions of the country, led\nby gains in Western Canada and Quebec. On a same-store basis, sales increased\n5.3%.\n\n\nPrescription sales increased 8.9% in the third quarter to $1.215 billion,\naccounting for 47.8% of the Company's sales mix compared to 47.9% in the same\nperiod last year. On a same-store basis, prescription sales increased 5.4%,\ndriven by strong growth in the number of prescriptions filled, while greater\ngeneric utilization continued to have a deflationary impact on prescription\nsales growth.\n\n\nFront store sales increased 9.5% in the third quarter to $1.328 billion,\nwith the Company once again experiencing sales gains in all categories, led by\nOTC medications and cosmetics. On a same-store basis, front store sales\nincreased 5.3%.\n\n\nCommenting on the quarter, Jurgen Schreiber, President and CEO stated,\n"We are pleased with our third quarter results. Continued growth in sales and\nnet earnings is a testament to the quality of our real estate program and the\nstrength of our differentiated product and service offering, combined with\nsolid execution at store-level thanks to the efforts of our Associate-owners\nand their teams."\n\n\nYear-to-date Results (40 Weeks)\n\n\nSales for the first three quarters of 2007 increased 9.4% to\n$6.310 billion, with prescription sales up 9.3% and front store sales up 9.5%.\nOn a same-store basis, sales increased 5.6%, with prescription sales up 5.8%\nand front store sales up 5.4%. During the first three quarters of 2007,\nprescription sales accounted for 47.8% of the Company's sales mix, unchanged\nfrom the same period last year.\n\n\nNet earnings for the first three quarters of 2007 increased 17.2% to\n$340 mill...

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