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Shoppers Drug Mart sales slow

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Published on April 26, 2012; Published on April 26, 2012
The Canadian Press ~ OBJ

Shoppers Drug Mart Corp. (TSX:SC) has reported modest sales growth of two per cent – hurt in part by a weak cold and flu season – in its first quarter this year and net earnings of $119 million.

Topics :: Shoppers Drug Mart

Net earnings in the same quarter last year were $118 million, Shoppers said Thursday in a news release.

Sales were $2.4 billion in the quarter and earnings per share diluted were up to 56 cents versus 54 cents year-over-year.

Shoppers said the inclusion of an additional statutory holiday – New Years Day – in the first quarter of 2012, combined with the relatively weak cold and flu season impacted year-over-year sales growth.

Prescription sales were $1.16 billion in the first quarter, an increase of 1.6 per cent compared to the same period last year. Growth in the number of prescriptions filled continues to be partially offset by a reduction in average prescription value, Shopper said.

"This is a solid performance and a good start to the year in what remains a challenging economic and regulatory environment," chief executive Domenic Pilla said in a statement.

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