Wednesday, July 18, 2007

Shoppers Drug Mart Profit Climbs 19% on Expansion

From Bloomberg:
Shoppers Drug Mart Corp., Canada's biggest pharmacy chain by sales, said second-quarter profit rose 19 percent on new stores that sell higher-priced beauty brands.

Net income increased to C$112.3 million ($107.7 million), or 52 cents a share, from C$94.4 million, or 44 cents, a year earlier, Toronto-based Shoppers said today in a statement. Sales in the period through June 16 climbed 9 percent to C$1.93 billion. Earnings beat analysts' estimates by 2 cents.

Shoppers opened 21 locations in the quarter, increasing retail space by 11.4 percent from a year earlier. The company has expanded space and added brand-name cosmetics at its in-store beauty boutiques to attract shoppers from department stores. ...more

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