Shoppers Drug Mart reports first-quarter sales and profit up from year ago

TORONTO – Shoppers Drug Mart Corp. (TSX:SC) said Thursday it earned $119.5 million in its latest quarter, up from $118.8 million a year ago.

The retailer said the profit amounted to 59 cents per share for the quarter ended March 23 compared with a profit of 56 cents per share a year ago.

Sales in the quarter amounted to $2.49 billion, up from $2.39 billion, while same-store sales were up 2.5 per cent.

Shoppers said pharmacy sales at its stores increased 3.3 per cent for the quarter to nearly $1.21 billion, while sales from the rest of the store grew 4.3 per cent to roughly $1.28 billion.

Same-store pharmacy sales were up 1.6 per cent, while they were up 3.3 per cent for the front of the store.

Shoppers said it opened seven new drug stores, one of which was a relocation, in the first quarter and completed six store expansions. The company also acquired four drug stores and one long-term care pharmacy in the quarter.

Shoppers had 1,368 stores at the end of the quarter.