Shoppers Drug Mart Q2 earnings, sales increase
Toronto – Shoppers Drug Mart enjoyed a successful second quarter of fiscal 2013, reporting increases in net earnings, sales and same-store sales. Net earnings totaled up $141.8 million USD, up about 1% from $139.9 million in the same quarter a year earlier. Sales were about $2.45 billion, a 3.3% boost from the previous year. Same-store sales rose 2% during the quarter.
Domenic Pilla, president and CEO of Shoppers Drug Mart, credited execution of strategic initiatives and growth priorities at the store level in its core health, beauty and convenience categories in driving sales and market share gains that helped to drive the retailer’s second quarter performance.
“We remain diligent in our efforts to reduce costs and drive efficiencies across the business,” said Pilla. “Our efforts thus far have us well-positioned heading into the back half of the year in what remains a challenging economic, competitive and regulatory environment."
Loblaw announced a deal to acquire Shoppers Drug Mart for roughly $12 billion USD on July 15.