Moody's puts Shoppers Drug Mart on upgrade review

Moody's Investors Service put Shoppers Drug Mart Corp. no review for possible upgrade including its senior bank credit agreement at Ba1.

Moody's said the review was prompted by the Shoppers Drug Mart's progress in its strategic initiatives of promoting its pharmacy expertise, accelerating store growth, emphasizing a larger prototype format and refining the merchandise mix.

These efforts have resulted in improved operating and financial performance. System comparable store sales increased 3.9% in the front end in fiscal 2002, operating profit margin rose from 8% in 2001 to 10.5%, and productivity again grew, reaching sales per square foot of C$947, Moody's noted.

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