Shoppers Drug Mart sees Q2 sales growth
BRAMPTON, Ontario — Shoppers Drug Mart parent company Loblaw recently shared its second-quarter financial results, posting increases in same-store sales for the drug store chain. Its Loblaw grocery chain saw modest sales growth, due largely in part to the timing of Easter.
“In a quarter characterized by continued price deflation, we delivered solid sales metrics and are pleased with our financial performance," Loblaw chairman and CEO Galen G. Weston said. "We plan to intensify our focus on cost reductions in this highly competitive market given incremental external pressures on our industry."
For the quarter ended June 17, Shoppers Drug Mart saw 3.7% same-store sales growth to $2.88 billion, compared with a 4% growth in Q2 2016. Front-store same-store sales grew 4.5% — a slight increase over the 4.3% front-store growth it saw last year in the same period. Pharmacy same-store sales increased 2.9% to $1.37 billion, a decrease from the 3.6% growth it saw during the same period in 2016. The company said that this was due to one fewer selling day due to the timing of Easter.
In the past year, Loblaw said it has opened 32 food and drug stores and closes 18, resulting in a net retail square footage increase of 0.7%.