November 6, 2008 / 5:08 PM / 10 years ago

UPDATE 1-Shoppers Drug Mart profit rises as sales jump

TORONTO, Nov 6 (Reuters) - Shoppers Drug Mart SC.TO, Canada’s biggest pharmacy chain, posted a higher third-quarter profit on Thursday, as sales jumped almost 10 percent on strong growth around the country.

Earnings rose to C$163 million ($138.1 million), or 75 Canadian cents a share, from C$142 million, or 65 Canadian cents, in the same period a year earlier.

Sales hit C$2.79 billion, up 9.8 percent. Closely watched same-store sales rose 5 percent, excluding tobacco products.

Analysts were expecting an average of 75 Canadian cents a share before items and revenue of C$2.78 billion, according to Reuters Estimates.

Shoppers shares edged 9 Canadian cents lower, to C$47.58, on the Toronto Stock Exchange shortly after the results were released.

($1=$1.18 Canadian)

Reporting by Wojtek Dabrowski

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