Tuesday, February 05, 2008

Shoppers Drug Net Rises 16% on Expansion; Shares Gain

From Bloomberg:
Shoppers Drug Mart Corp., Canada's biggest pharmacy chain, reported fourth-quarter profit that rose more than analysts estimated as it opened new stores.

Shoppers gained the most in almost five years in Toronto trading.

Net income climbed 16 percent to C$153.7 million ($152.7 million), or 71 cents a share, and revenue advanced 7.5 percent, Toronto-based Shoppers said today in a statement. The company forecast sales to rise as much as 12 percent this year, exceeding the average analyst projection.

The chain added 30 stores including some with convenience food and cosmetics to lure more customers. Shoppers boosted sales of its own Life products, which are about 10 percent more profitable than national brands. The company wants to increase purchases of its store brand to a quarter of total sales. ...more

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