Financial Statements of - Shoppers Drug Mart

SHOPPERS DRUG MART CORPORATION
Notes to the Condensed Consolidated Financial Statements
(unaudited)
(in thousands of Canadian dollars, except per share data)
12. EXPLANATION OF TRANSITION TO IFRS (continued)
Reconciliation of Consolidated Statement of Earnings for 12 weeks ended June 19, 2010
Note
Presentation Adjustment from
Previous GAAP Previous GAAP to IFRS
Effect of transition to IFRS IFRS
Shoppers
Optimum®
Loyalty Card
Employee Benefits -
Ongoing Recognition of
Program Fixturing Period Store Assets Transactions Classification
Pension Expense
Income Taxes
Sales a)i) $ 2,402,539 $ - $ (41,652) $ - $ - $ - $ - $ - $ - $ 2,360,887
Cost of goods sold and other operating expenses (2,116,757) 2,116,757 - - - - - - - -
Cost of goods sold a)i) - (1,506,379) 41,727 - - - - - - (1,464,652)
Gross profit 285,782 610,378 75 - - - - - - 896,235
Amortization (67,016) 67,016 - - - - - - - -
Operating and administrative expenses
a)ii);
- (677,394) - (349) (313) 162 899 (303)
(677,298)
a)iii);
a)iv);
a)v);
a)vi)
-
Operating income 218,766 - 75 (349) (313) 162 899 (303) - 218,937
Interest expense (12,965) 12,965 - - - - - - - -
Finance expenses a)iv) - (12,965) - - - - (1,032) - - (13,997)
Finance expenses (12,965) - - - - - (1,032) - - (13,997)
Earnings before income taxes 205,801 - 75 (349) (313) 162 (133) (303) - 204,940
Income taxes a)
Current (53,592) - - - - - - - (346) (53,938)
Deferred (7,633) - (21) 35 66 (13) 44 271 2,216 (5,035)
(61,225) - (21) 35 66 (13) 44 271 1,870 (58,973)
Net earnings $ 144,576 $ - $ 54 $ (314) $ (247) $ 149 $ (89) $ (32) $ 1,870 $ 145,967
Net earnings per common share
Basic $ 0.66 $ 0.67
Diluted $ 0.66 $ 0.67
Rent Expense
during the
Impairment of
Sale-leaseback
Financing Leases
40