WILLOWDALE, Ontario -- With its three distribution centers running for the full year--though still not at capacity -- Shoppers Drug Mart (SDM) pumped out a 135% increase in revenues and a 21.4% rise in operating profits for 1997.
But the wide gap between revenue and profit growth narrowed in the fourth quarter, when the franchisor's distribution business -- which is intended to operate on a break-even basis -- was compared with a 1996 period during which all three regional facilities were in service.
Operating profits for Imasco Ltd.'s drug store subsidiary rose to $159 million (all amounts in Canadian currency) over the 12 months from $131 million in 1996, as revenues bounded to $2.68 billion from $1.14 billion. Systemwide retail sales for franchised and company-owned Shoppers Drug …
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