Canadian senior citizens are partly to thank for Shoppers Drug Mart‘s recent successful earnings. Revenues are up 4.4% while fourth-quarter pharmacy sales rose 3.7% and front-of-store sales (cosmetics, food and other stuff) rose 5%.
Once per month, seniors are offered a 20% discount on regularly-priced merchandise at Shoppers Drug Mart. Shoppers recently lifted its $2 co-payment fee on prescriptions for seniors in Ontario, increasing pharmacy sales. Shoppers’ sales also grew in Western Canada with recent pharmacy acquisitions.
Canada’s drug store business is becoming increasingly competitive with next month’s Canadian arrival of Target and increased efforts by Walmart Canada and London Drugs in Western Canada, among others.