Net sales up at Imasco

Drug Store News, August 20, 1990

Net, sales up at Imasco

MONTREAL - Improved performance at the Shoppers Drug Mart division helped Imasco increase net earnings and revenues for the second quarter and six months ended June 30.

Imasco's net earnings for the quarter increased 2 percent to $92.0 million (Canadian), reflecting a contribution from discontinued Peoples operations. Earnings from continuing operations increased $400,000 to $89.9 million. Net earnings for the six months increased 10 percent to $158.6 million; continuing operations earnings for the period climbed 8 percent, to $155.1 million.

Second-quarter sales were up 16 percent to $3.8 billion; the six-month sales figure was up 15 percent to $7.3 billion. Peoples Drug Stores revenues were excluded for both periods in Imasco's report.

At Shoppers Drug Mart, strong sales boosted quarterly earnings 22 percent to $34.2 million, with six-month figures climbing 25 percent to $17.4 million.