Friday, July 18, 2008

Shoppers Drug Mart Rises After Profit Beats Estimates

From Bloomberg:
Shoppers Drug Mart Corp., Canada's biggest drugstore chain, rose the most in six years in Toronto trading after second-quarter profit climbed more than analysts estimated on higher sales of medicine and store-brand products.

Net income increased 14 percent to C$128.3 million ($127.8 million), or 59 cents a share, for the 17th straight gain in quarterly profit. Revenue in the three months that ended June 14 rose 9.4 percent, Shoppers Drug Mart said today in a statement.

The chain boosted sales of generic drugs and introduced more profitable merchandise such as a new Nativa organic food line and higher-priced cosmetics. Chief Executive Officer Jurgen Schreiber, 46, added more store-brand lines to gain market share since taking the helm last year. ...more

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