Shoppers Drug Mart Corp. has priced the issuance of CAD 225 million aggregate principal amount of 2.01% unsecured medium term notes, Series 5, due May 24, 2016 for aggregate net proceeds of CAD 224,392,500, as well as the issuance of CAD 275 million aggregate principal amount of 2.36% unsecured medium term notes, Series 6, due May 24, 2018 for aggregate net proceeds of CAD 273,933,000. The issuance is expected to close on or about May 21, 2013 and the net proceeds will be used to refinance existing indebtedness, including repayment of all amounts outstanding under the company's CAD 450 million aggregate principal amount of 4.99% unsecured medium term notes, Series 2, due June 3, 2013. As a result of using the net proceeds to refinance existing indebtedness, the consolidated net debt position of the company is expected to remain substantially unchanged.

Shoppers Drug Mart Corp. announced its earnings results for the first quarter ended March 23, 2013. First quarter sales were $2.486 billion, an increase of 3.8% over the same period of the prior year, driven by strong volume growth in pharmacy and continued sales and market share gains in the front of the store. On a same-store basis, sales increased 2.5% during the quarter. First quarter net earnings, at $119 million, were marginally higher than net earnings generated during the same period last year. On a diluted basis, net earnings per share were 59 cents in the first quarter of 2013 compared to 56 cents per share in the same period last year, an increase of 5.4%. Year-over-year, gross profit dollars increased 4.2% during the first quarter of 2013, as strong sales growth, particularly in the front of the store, combined with a continued focus on promotional effectiveness and margin enhancement initiatives, served to offset further downward pressure on pharmacy sales and margins. First quarter operating income, at $175 million, was essentially flat to the same period of last year, as the benefits of cost reduction, productivity and efficiency initiatives in comparable stores were offset by higher operating expenses related to the company's network growth and expansion initiatives. The cumulative impact of the company's share repurchase program had a positive impact on growth in net earnings per share during the first quarter of 2013, as there were 3.8% fewer diluted shares outstanding (on a weighted average basis) compared to the first quarter of 2012. The company also announced that its Board of Directors has declared a dividend of 28.5 cents per common share, payable on July 15, 2013 to shareholders of record as of the close of business on June 28, 2013.

Shoppers Drug Mart Corp. (TSX:SC) is seekling acquisitions. Bradley Lukow, Chief Financial Officer of Shoppers Drug Mart, said, "The team is actively engaged through all parts of the country, with a focus on Ontario and Western Canada, with regards to acquisition opportunities."