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 24 weeks ended June 19, 2010
Note
Previous GAAP
Presentation Adjustment from
Previous GAAP to IFRS
Effect of transition to IFRS
IFRS
Shoppers
Optimum®
Loyalty Card
Program Fixturing Period Store Assets Transactions Classification
Pension Expense
Income Taxes
Sales a)i) $ 4,723,638 $ - $ (78,318) $ - $ - $ - $ - $ - $ - $ 4,645,320
Cost of goods sold and other operating expenses (4,196,084) 4,196,084 - - - - - - - -
Cost of goods sold a)i) - (2,969,380) 78,146 - - - - - - (2,891,234)
Gross profit 527,554 1,226,704 (172) - - - - - - 1,754,086
Amortization (131,308) 131,308 - - - - - - - -
Operating and administrative expenses
a)ii);
- (1,358,012) - (2,159) (1,051) 12,225 1,775 (27)
(1,347,249)
a)iii);
a)iv);
a)v);
a)vi)
-
Operating income 396,246 - (172) (2,159) (1,051) 12,225 1,775 (27) - 406,837
Interest expense (25,843) 25,843 - - - - - - - -
Finance expenses a)iv) - (25,843) - - - - (2,031) - - (27,874)
Finance expenses (25,843) - - - - - (256) - - (27,874)
Earnings before income taxes 370,403 - (172) (2,159) (1,051) 12,225 (256) (27) - 378,963
Income taxes a)
Current (109,040) - - - - - - - - (109,040)
Deferred (1,154) - 48 454 520 (2,150) (572) (298) 1,448 (1,704)
(110,194) - 48 454 520 (2,150) (572) (298) 1,448 (110,744)
Net earnings $ 260,209 $ - $ (124) $ (1,705) $ (531) $ 10,075 $ (828) $ (325) $ 1,448 $ 268,219
Net earnings per common share
Basic $ 1.20 $ 1.23
Diluted $ 1.20 $ 1.23
Rent Expense
during the
Impairment of
Sale-leaseback
Financing Leases
Employee Benefits -
Ongoing Recognition of
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