Business
Shoppers Drug Mart Corporation reports first quarter results
Continued strength in front store sales and prescription count growth TORONTO, April ...
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[{"type":"text","content":"\n\n\n\n\n\nContinued strength in front store sales and prescription count growth\n\n\nTORONTO, April 25, 2013 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC)\n today announced its financial results for the first quarter ended March\n 23, 2013.\n\n\nFirst Quarter Year-Over-Year Highlights\n\n\nSales increase of 3.8% to $2.486 billion\n\n\nSame-store increase of 2.5%\n\n\nPharmacy sales increase of 3.3% to $1.207 billion\n\n\nSame-store increase of 1.6%\n\n\nRetail prescription count increase of 7.3%\n\n\nSame-store increase of 5.4%\n\n\nFront store sales increase of 4.3% to $1.278 billion\n\n\nSame-store increase of 3.3%\n\n\nNet earnings per share of $0.59, an increase of 5.4%\n\n\nRepurchased 2,009,400 common shares at an aggregate cost of $86 million\n\nFirst Quarter Results (12 Weeks)\n\n\nFirst quarter sales were $2.486 billion, an increase of 3.8% over the\n same period of the prior year, driven by strong volume growth in\n pharmacy and continued sales and market share gains in the front of the\n store.  On a same-store basis, sales increased 2.5% during the quarter.\n\n\nPharmacy sales were $1.207 billion in the first quarter, an increase of\n 3.3% compared to the same period of the prior year, as strong growth in\n the number of prescriptions filled at retail, combined with sales gains\n in the Company's long-term care and specialty pharmacy business units,\n was partially offset by a further reduction in average prescription\n value.  On a same-store basis, pharmacy sales increased 1.6% during the\n quarter.  During the first quarter of 2013, the number of prescriptions\n dispensed at retail increased 7.3% compared to the same period of the\n prior year and was up 5.4% on a same-store basis.  Pharmacy volume\n growth was particularly strong in Ontario, driven in part by the\n successful implementation and acceptance of a program to waive the two\n dollar co-pay on eligible prescriptions for seniors, and in Western\n Canada where the Company completed a number of acquisitions in the\n second half of last year.  Year-over-year, average prescription value\n at retail declined a further 4.8% during the first quarter of 2013,\n largely the result of further reductions in generic prescription\n reimbursement rates due to recently implemented and ongoing drug system\n reform initiatives in most provin...