Financial Statements of - Shoppers Drug Mart

SHOPPERS DRUG MART CORPORATION
Notes to the Consolidated Financial Statements
(unaudited)
(in thousands of Canadian dollars, except per share data)
13. EXPLANATION OF TRANSITION TO IFRS (continued)
Reconciliation of Consolidated Statement of Earnings for 12 weeks ended March 27, 2010
Note
Presentation Adjustment from
Previous GAAP 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 b)i) $ 2,321,099 $ - $ (36,666) $ - $ - $ - $ - $ - $ - $ 2,284,433
Cost of goods sold and other operating expenses (2,079,327) 2,079,327 - - - - - - - -
Cost of goods sold b)i) - (1,463,001) 36,419 - - - - - - (1,426,582)
Gross profit 241,772 616,326 (247) - - - - - - 857,851
Amortization (64,292) 64,292 - - - - - - - -
Operating and administrative expenses
b)ii);
- (680,618) - (1,810) (738) 12,063 876 276
(669,951)
b)iii);
b)iv);
b)v);
b)vi)
-
Operating income 177,480 - (247) (1,810) (738) 12,063 876 276 - 187,900
Interest expense (12,878) 12,878 - - - - - - - -
Finance expenses b)iv) - (12,878) - - - - (999) - - (13,877)
Finance expenses (12,878) - - - - - (123) - - (13,877)
Earnings before income taxes 164,602 - (247) (1,810) (738) 12,063 (123) 276 - 174,023
Income taxes b)
Current (55,448) - - - - - - - 346 (55,102)
Deferred 6,479 - 69 419 454 (2,137) (616) (569) (768) 3,331
(48,969) - 69 419 454 (2,137) (616) (569) (422) (51,771)
Net earnings $ 115,633 $ - $ (178) $ (1,391) $ (284) $ 9,926 $ (739) $ (293) $ (422) $ 122,252
Net earnings per common share
Basic $ 0.53 $ 0.56
Diluted $ 0.53 $ 0.56
Rent Expense
during the
Impairment of
Sale-leaseback
Financing Leases
Employee Benefits -
Ongoing Recognition of
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