Shaping the future of retail pharmacy

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1 shoppers drug mart corporation 2012 Annual Report www. shoppe r sd r u g ma r t. ca Shaping the future of retail pharmacy www. pha r map r i x. ca Pharmacy & health Front store Shoppers Drug Mart/Pharmaprix Associate-owners and their pharmacy teams are committed to meeting the health and wellness needs of Canadians. We have established a trusted reputation as an accessible provider of quality patient care and advice in the communities we serve from coast to coast. Canadians have come to depend on Shoppers Drug Mart/Pharmaprix to satisfy their everyday health, beauty and convenience needs. With more than 1,295 retail drug stores offering a vast selection of over-the-counter medications, health and beauty aids, household consumables and an unparalleled assortment of mass and prestige cosmetic products, we make life easier for Canadians and their families Annual Report Contents Health Beauty Convenience shop AR-E COVER-clean.indd 1 ap fl Corporate profile Financial highlights 2 Message to Shareholders 4 Message from the Chair 5 External environment 6 Pharmacy & health 10 Front store 14 Our people 16 Corporate social responsibility 22 Management s discussion and analysis 65 Financials 114 Corporate directory ibc Shareholder information 21/03/13 4:51 PMThu, Mar 21, 2013

2 shoppers drug mart corporation 2012 Annual Report www. shoppe r sd r u g ma r t. ca Shaping the future of retail pharmacy www. pha r map r i x. ca Pharmacy & health Front store Shoppers Drug Mart/Pharmaprix Associate-owners and their pharmacy teams are committed to meeting the health and wellness needs of Canadians. We have established a trusted reputation as an accessible provider of quality patient care and advice in the communities we serve from coast to coast. Canadians have come to depend on Shoppers Drug Mart/Pharmaprix to satisfy their everyday health, beauty and convenience needs. With more than 1,295 retail drug stores offering a vast selection of over-the-counter medications, health and beauty aids, household consumables and an unparalleled assortment of mass and prestige cosmetic products, we make life easier for Canadians and their families Annual Report Contents Health Beauty Convenience shop AR-E COVER-clean.indd 1 ap fl Corporate profile Financial highlights 2 Message to Shareholders 4 Message from the Chair 5 External environment 6 Pharmacy & health 10 Front store 14 Our people 16 Corporate social responsibility 22 Management s discussion and analysis 65 Financials 114 Corporate directory ibc Shareholder information 21/03/13 4:51 PMThu, Mar 21, 2013

3 Corporate profile Shoppers Drug Mart Corporation is the licensor of full-service retail drug stores operating under the names Shoppers Drug Mart and Pharmaprix. Founded in 1962 by Toronto pharmacist Murray Koffler, the Company has grown to a network of more than 1,240 full-service drug stores across Canada. These conveniently located stores are owned and operated by licensed Associate-owners who have helped build a brand that is synonymous with exceptional service, value and trust. The Company also licenses or owns 55 medical clinic pharmacies operating under the names Shoppers Simply Pharmacy and Pharmaprix Simplement Santé, as well as six luxury beauty destinations operating as Murale. With fiscal 2012 sales of approximately $10.8 billion, the Company is the leader in Canada s retail drug store marketplace and is the number one provider of pharmacy products and services. Shoppers Drug Mart has successfully leveraged its leadership position in pharmacy and its convenient store locations to capture a significant share of the market in front store merchandise, including over-the-counter medications, health and beauty aids, cosmetics and fragrances, seasonal products and everyday household essentials. The Company offers a broad range of high-quality private label products including Life Brand, Quo, Etival Laboratoire, Baléa, Everyday Market, Simply Food, Nativa and Bio-Life, among others, and the Shoppers Optimum program, one of the largest retail loyalty programs in Canada. As well, the Company owns and operates 62 Shoppers Home Health Care stores, which are engaged in the sale and service of assistedliving devices and equipment to institutional and retail customers. In addition to its retail network, the Company owns Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services, and MediSystem Technologies Inc., a provider of pharmaceutical products and services to long-term care facilities. A national retail drug store network Yukon 2 Northwest Territories 1 Newfoundland and Labrador British Columbia Alberta 150 Saskatchewan 32 Manitoba 41 Ontario 625 Québec 176 Prince Edward Island New Brunswick 42 5 Nova Scotia 38 Over 1,295 convenient drug store locations and 62 Shoppers Home Health Care stores across Canada.

4 Financial highlights (1) (2) Summary Earnings Data ($000s) Sales 10,781,848 10,458,652 10,192,714 9,985,600 9,422,911 Cost of goods sold (3) 6,609,229 6,416,208 6,283,634 Gross profit 4,172,619 4,042,444 3,909,080 Operating and administrative expenses (3) 2,980,290 2,833,857 2,730,253 8,841,170 8,350,367 Depreciation and amortization expense 311, , , , ,371 Operating income 880, , , , ,173 Finance expenses 57,595 64,038 60,633 58,215 63,952 Income taxes 214, , , , ,076 Net earnings 608, , , , ,145 Summary Operating Data Sales ($000s) 10,781,848 10,458,652 10,192,714 9,985,600 9,422,911 Sales growth 3.1% 2.6% 3.9% (4) 6.0% 11.1% Same-store sales growth 2.2% 1.9% 2.1% (4) 4.8% (5) 4.8% (6) Sales mix: Pharmacy 47.3% 47.8% 48.7% 48.3% 47.6% Front store 52.7% 52.2% 51.3% 51.7% 52.4% EBITDA ($000s) (7) 1,192,329 1,208,587 1,178,827 1,144,430 1,072,544 EBITDA growth (1.3%) 2.5% 3.4% (4) 6.7% 11.9% EBITDA margin (8) 11.1% 11.6% 11.6% 11.5% 11.4% Capital expenditures ($000s): Property and equipment 254, , , , ,315 Business acquisitions 129,454 10,496 11,779 97, ,901 Intangible assets 54,385 53,836 56,625 33,989 48,650 Total 438, , , , ,866 Summary Balance Sheet Data ($000s) Total assets 7,473,721 7,300,310 7,044,197 6,852,454 6,364,223 Net debt 1,138,956 1,120,152 1,294,930 1,432,425 1,389,315 Long-term debt 247, , , , ,250 Shareholders equity 4,323,327 4,267,830 4,102,635 3,826,110 3,420,529 Key ratios: Net debt:shareholders equity 0.26:1 0.26:1 0.32:1 0.37:1 0.41:1 Net debt:total capitalization 0.21:1 0.21:1 0.24:1 0.27:1 0.29:1 Share Data ($) (9) Price: High Low Close Net earnings: Basic Diluted Dividends declared (1) Fiscal 2008 consists of 53 weeks. All other fiscal years consist of 52 weeks. (2) In preparing its 2010 comparative information, the Company has adjusted amounts reported previously in financial statements prepared in accordance with Canadian Generally Accepted Accounting Principles ( previous Canadian GAAP ), to adjust for the impact of the adoption of International Financial Reporting Standards. Prior years have not been restated. (3) Under previous Canadian GAAP, cost of goods sold and other operating expenses were disclosed in aggregate. Accordingly, for fiscal years 2008 and 2009, cost of goods sold and other operating expenses are shown in total as operating and administrative expenses. (4) Adjusted for the impact of the adoption of International Financial Reporting Standards. (5) Based on a comparable 52 week period. (6) Based on a comparable 53 week period. (7) EBITDA (earnings before finance expenses, income taxes and depreciation and amortization). (8) EBITDA as a percentage of sales. (9) Share price information is presented on a calendar year basis. Sales ($ millions) 9,423 9,986 10,193 10,459 10,782 EBITDA ($ millions) 1,073 1,144 1,179 1,209 1,192 Diluted Earnings Per Share ($) Shareholder Distributions ($ millions) Growth % Growth % (1.3) Growth % Share repurchases Dividends declared

5 Shaping the future of retail pharmacy Shoppers Drug Mart/Pharmaprix has been at the forefront of retail pharmacy for more than 50 years. We have led the evolution of the drug store in Canada by constantly improving our product and service offering, all the while holding true to our value proposition, which is grounded upon the pillars of health, beauty and convenience. We are leaders in expanding the scope and advancing the practice of community pharmacy. Continuous innovation and a willingness to embrace change ensure that we will remain at the vanguard when it comes to shaping the future of retail pharmacy in Canada. Shoppers Drug Mart Corporation Annual Report

6 Message to Shareholders This past year, Shoppers Drug Mart/Pharmaprix navigated through one of the most challenging business environments in the history of our Company. In addition to operating in a fragile economy, we absorbed the impact of further drug system reform initiatives as provincial governments continue to pursue measures to manage deficits and control rising health care costs. Yet, in spite of these pressures, the Canadian marketplace is seen as fertile ground for new market entrants, resulting in an increasingly competitive environment. Our ability to succeed in this environment can be largely attributed to the dedication and commitment of our people and a performance-based culture. Our Associate-owners and their store teams, along with employees in our central and regional offices, are focused on excellence and live our CORE values of Care, Ownership, Respect and Excellence. Coupled with the strength of our brand, the quality of our assets and the power of our value proposition, it s a winning combination that once again delivered strong operating and financial results, and I am proud of our collective achievements in Our Performance Sales in 2012 increased 3.1% to $10.8 billion, driven by strong volume growth in retail pharmacy, continued sales and market share gains in the front of the store and improved performance in our complementary health care businesses. Increased activity on the acquisition front, combined with our capital investment and store development program, also had a positive impact on sales growth. On a same-store basis, sales increased 2.2%. Pharmacy sales increased 2.1% in 2012 and were up 1.2% on a same-store basis, as the Company experienced strong growth in the number of prescriptions filled at retail, along with sales gains in our MediSystem Technologies and Specialty Health Network businesses. In 2012, the number of prescriptions dispensed at retail exceeded 100 million, a year-over-year increase of 5.4%. In addition to increased acquisition activity, above-market pharmacy volume growth was driven by the successful implementation of programs targeting the seniors demographic, particularly in the province of Ontario. A further decline in average prescription value, which can be largely attributed to ongoing drug system reform initiatives in most provincial jurisdictions, served to partially offset robust volume growth in the dispensary. In the front of the store, sales increased 4.0% in 2012 and were up 3.1% on a same-store basis, with the Company posting sales gains in all core categories, led by cosmetics, over-the counter medications and food and confection. Effective marketing campaigns, enhanced seasonal programs and a focus on promotional optimization established positive sales momentum that drove sales growth and market share gains throughout the course of the year, without sacrificing margins. Net earnings in 2012, adjusted to exclude a $13 million restructuring charge, a charge of $5 million from the closure of two Murale stores and a gain of $13 million from a sale-leaseback transaction, were $612 million or $2.94 per share. This compares to adjusted net earnings of $611 million or $2.82 per share in 2011, with net earnings for 2011 adjusted to exclude a gain of $3 million from a sale-leaseback transaction. During 2012, strong top-line 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 margins resulting in a year-over-year increase in gross profit dollars. Growth in operating and administrative expenses, including depreciation and amortization expense, was driven, in part, by higher store-level expenses related to network growth and expansion initiatives, along with additional investments in supporting infrastructure. Other factors that positively impacted net earnings in 2012 were lower finance expenses and a reduction in the Company s effective income tax rate. As well, the cumulative impact of the Company s share repurchase program had a positive impact on growth in earnings per share in During 2012, the selling space of the retail store network increased by 3.4% to 13.7 million square feet. In 2013, we plan to allocate approximately $275 million to our base capital expenditure program, with approximately 70% of this amount to be invested in the store network. In addition to renovations and enhancements to existing stores, we plan to add between 30 and 35 new drug stores to the network, approximately half of which will be relocations, and complete between 15 and 20 major drug store expansions. This activity should result in an increase in retail selling square footage of approximately 3.0%. The balance of our capital expenditures will be directed to investments in supporting infrastructure, including information technology and supply chain. Incremental to these plans, we will continue to pursue attractive opportunities in the marketplace to acquire drug stores and prescription files. 2 Shoppers Drug Mart Corporation Annual Report 2012

7 Our Relationships Shoppers Drug Mart/Pharmaprix is one of the most recognized and trusted brands in Canadian retail. With 98% consumer awareness and more than 10 million active Shoppers Optimum cardholders, we have an unmatched relationship with our patients and customers. This loyalty is a key differentiator in today s retail marketplace, where consumers have more choice than ever in terms of where they shop and how they buy. In 2013, we will look to enhance their in-store and omni-channel experience by putting an even greater emphasis on our pharmacy programs and services and by focusing our promotional efforts on providing more relevant, targeted offers that leverage our Shoppers Optimum database in conjunction with the use of evolving technologies. We also recognize the importance of strengthening relationships with other key stakeholders including governments and thirdparty payers, our vendor partners and the communities we serve. To that end, we have embraced our role as Canada s leading pharmacy retailer and established a cross-sector industry group to dialogue with governments in an effort to ensure the longterm sustainability of Canada s health care system. Together, we have developed and proposed patient-focused solutions that would lower costs and result in better health outcomes. These objectives are not mutually exclusive, but do require thought leadership and an acceptance of new ways in which to deliver health care products and services to Canadians and their families. Community pharmacy accessible, affordable and under-utilized has a key role to play in advancing this dialogue and shifting long-established paradigms. And as we grow, we will build upon already strong relationships with our vendor partners by providing them with programs and tools to help them grow with us. As well, we have extended our reach in the communities we serve through our continued investments in programs in support of women s health. Our Leadership Our leadership is fuelled by the capacity of our people. I am humbled to lead what, in my opinion, is the best team in Canadian retail. Our people are the heart and soul of our business and it is their passion, commitment and engagement that drive our business forward. Our Associate-owners, who operate the more than 1,295 drug stores in our network, and their store teams are directly responsible for the outstanding service we provide to Canadians in every store, every day. Our continued success demands that we attract, engage, develop and retain the best people. We continue to invest in developing the capabilities of our people, ensuring that we are responsive to their needs and that we have the talent within to support the continued growth of our business. Our Future While 2013 will not be without its challenges, we view the future with optimism, buoyed by favourable industry fundamentals and positive demographic trends. Nobody has our combination of brand equity, store network and related infrastructure, people and financial strength. As Canada s leading pharmacy retailer, we are best-positioned to capitalize on opportunities in the marketplace. Shoppers Drug Mart/Pharmaprix is part of the fabric of Canada. Our value proposition and promise to Canadians is that we will continue to provide them with unparalleled access to the greatest offering in health, beauty and convenience. I am continuously inspired by the quality and values of our people, from our Associate-owners and their store teams, to the management team and employees in our central and regional offices. Together, we are shaping the future of retail pharmacy in Canada and I thank them for their continued vision, dedication and support. Domenic Pilla President and Chief Executive Officer Shoppers Drug Mart Corporation Annual Report

8 Message from the Chair Dear Fellow Shareholders, One of the most important responsibilities of the Board is leadership and succession planning, ensuring that the best people are running the business and that the Company has the required depth of talent and experience in its next generation of leaders to meet the challenges of tomorrow. In November 2012, Domenic Pilla completed his first year as President and CEO of Shoppers Drug Mart Corporation. It s fair to say that Domenic s values-driven leadership style, passion, in-depth knowledge of the health care sector and results-oriented focus positively impacted the Company s culture and operating and financial results in I am also pleased to note that the Company ranked 20 th in the recently released annual ranking of the 40 Best Companies for Leaders for 2013 as published by Chief Executive Magazine based on a survey of leading organizations globally which is conducted in partnership with Chally Group Worldwide. This recognition underscores the Board s commitment to leadership and talent development at every level within the Company. Economic downturns are tough on the top and bottom lines of all retailers. In addition to nominal economic growth, we continue to manage through a difficult period of drug system regulatory reform and its resultant pressures on pharmacy margins and profitability. On a more positive note, our front store business, including the health, beauty and convenience categories, continues to post strong sales and market share gains in an increasingly competitive marketplace. In spite of these challenges, your Company remains very well positioned to grow and prosper. Its strong brand recognition and value proposition, combined with a performance-driven culture, delivered very solid underlying financial results in Evidence of the continued strength of our business model, our balance sheet and our free cash flow generation capabilities, was the Board s recent decision to increase the amount of quarterly dividend payments by 7.5% and renew the Company s share repurchase program for Going forward, we are confident in the Company s ability to support both growth initiatives and shareholder distributions in order to enhance long-term shareholder value. On the corporate governance front, we continue to build a high-performing and diverse Board. In 2012, we welcomed two new directors Beth Pritchard from the U.S. and Johanna Waterous from the U.K. both of whom have extensive retail and international experience. As Chair, I am proud of the fact that women now comprise 50% of our independent directors. In keeping with our commitment to enhance the skills of our Board members, 2012 saw us introduce a rigorous new director orientation program, as well as formal director education sessions. We also established policies that limit director tenure and restrict directors to a maximum of four public company boards, with no inter-locking directorships. We also increased the shareholding requirements for directors to align them with those of the President and CEO. In 2012, your Board reviewed the Company s principal risks, mitigating strategies, processes, controls and risk discipline to ensure that a prudent risk culture exists throughout the organization. We continue to review the Board s performance relative to the Company s long-term strategy and direction to ensure that we have the skills and expertise required to guide the management team as it addresses new challenges and market opportunities. We will always look to strengthen the composition of the Board as we search for new directors with the requisite skills and experience to complement our existing leadership. I invite you to read more about the composition of the Board and our governance practices in the Company s Management Proxy Circular, which is available at On behalf of the Board of Directors, I would like to thank you, our shareholders, for your continued support. I would also like to thank our President and CEO, Domenic Pilla, the management team and the employees in our central and regional offices, as well as our Associate-owners and their teams at store level, for their dedication, efforts and contributions to our collective success in Sincerely, Holger Kluge Chair of the Board of Directors 4 Shoppers Drug Mart Corporation Annual Report 2012

9 External environment In order to stay relevant to our customers and patients and to continue to be the leading retail drug store in Canada, it is essential that we understand the dynamics of the environment in which we operate. In developing both our long and short-term strategic plans, we are taking a number of key external influences into account in an effort to meet the evolving needs of the market. Health care reform In the new reality of slow economic growth and unprecedented demands on the health care system, public and private payers are taking steps to manage their health care costs. Provincial governments, focused on reducing costs, have been aggressively implementing drug system reform. Demographics Seniors are the country s fastest growing demographic. According to Statistics Canada, people over 65 are expected to represent 25% of the Canadian population by the year 2036, double that of today, and they currently account for close to 45% of government spending on health care. Diversity Canada is becoming increasingly multicultural with the percentage of foreign-born citizens and residents expected to grow from 20% to 26% by the year Retailers must identify and respond to the distinct cultural needs of an increasingly diverse population in order to be successful. Technology Advancements in technology are occurring at a speed that surpasses anything ever seen before. The ability to embrace and adapt to new technologies, from pharmacy systems to e-commerce to mobile platforms, is critical to staying ahead of the curve and enhancing the customer experience. Urbanization Canada s population is choosing more often to live in urban centres. As well, it is expected that 7 out of 10 immigrants will settle in one of three cities. As a result, smaller formats are on the rise as retailers compete to capture a larger share of the urban customer s wallet. Economy Canadian household and personal debt levels are at an all-time high. And while household consumption has rebounded somewhat, the result is a cautious and pricesensitive consumer who is seeking greater value for their purchasing dollar. Shoppers Drug Mart Corporation Annual Report

10 Pharmacy & health Community pharmacists are the second most commonly consulted health care professionals in Canada, with 58% of Canadians indicating they have utilized the services of a pharmacist in the past year, second only to those who were seen by a physician (75%).* As industry leaders, we recognize the importance of the pharmacy services we provide and believe that we must be at the forefront when it comes to the introduction of new services and the expansion of the scope of practice for pharmacists. By leveraging pharmacists to provide a broader range of services, we believe we can promote efficiencies within the overall health care system and ultimately improve patient outcomes. Shoppers Drug Mart/Pharmaprix is uniquely positioned to create value for both public and private payers by playing an expanded role in the delivery of health care services. With more than 1,295 drug store locations across the country, we provide Canadians with convenient access to a range of services, depending on the regulations of each province, from the administration of vaccinations to assistance with smoking cessation or treating minor ailments. This past year, we made further strides in helping Canadians live healthier lives by introducing new programs delivered by our Shoppers Drug Mart/Pharmaprix pharmacists. Together with other pharmacy industry participants, we are developing innovative approaches and system-wide solutions to promote a sustainable health care system for all Canadians. * Health Orientations in Canada and Around the Globe 6 Shoppers Drug Mart Corporation Annual Report 2012

11 Technology improvements Technology will be a key enabler for pharmacy in the coming years as medical records shift to an electronic format for greater access, efficiency and safety. We are making a significant investment in our pharmacy systems to ensure we can enhance functionality and improve the patient experience. Specialty pharmacy Reliance on specialty drugs and complex drug therapies continues to grow faster than any other segment of the pharmacy market. We are fulfilling the need for specialty pharmacy through Shoppers Drug Mart Specialty Health Network Inc. and, at the same time, assisting patients and physicians with reimbursement solutions for these medications. SANIS We introduced our proprietary line of generic prescription drugs, SANIS, in 2010, and since then we have grown our market penetration and reach significantly. As generic utilization rates continue to increase, having our own line of generic drugs will help us control costs, enhance margins and ensure better in-stock positions. Expanded scope of practice Pharmacists are playing an expanded role in helping Canadians live healthier lives, as their knowledge and accessibility is increasingly being leveraged by provincial governments across the country. Shoppers Drug Mart/ Pharmaprix pharmacists have embraced this opportunity and, as a result, we are providing more patient care services than ever before. Long-term care With an aging population, the need for long-term care services is unprecedented. Long-term care facilities are seeking pharmacy providers that can offer timely, accurate and dependable Canadawide service delivery to their residents. Through MediSystem Technologies Inc., we drive efficiencies, promote best practices and provide technology solutions to support these facilities. Shoppers Drug Mart Corporation Annual Report

12 Pharmacy & health Technology To enable Shoppers Drug Mart/Pharmaprix to evolve the patient experience, accommodate growth and offer additional services, we have embarked on a multi-year redesign of our pharmacy systems. This project will deliver functionality to enhance the patient experience. By integrating paperless workflow into the dispensary, pharmacists can better serve patients needs, reduce wait times and increase focus on disease prevention and the promotion of health and wellness programs. In the future, we envision improved data integration across our store network to make it easier for patients to access their medications anytime, anywhere. Health promotion Shoppers Drug Mart/Pharmaprix pharmacists are focused on making the achievement of optimal health easier for all Canadians by providing them with the tools and support to recognize and prevent health risks as well as manage chronic conditions. By engaging patients and customers in their own health and wellness, we are making a difference in the lives of Canadians and their families. Heart health Cardiovascular disease continues to be one of the leading causes of premature death and disability in Canada. This past year, we focused on promoting six heart health challenges, including increased physical activity, smoking cessation and cholesterol management, among others, to help patients change their lifestyles. As well, more than 800 Shoppers Drug Mart/Pharmaprix stores held Blood Pressure Awareness Days, teaching patients how to check their blood pressure, educating them on the results and providing advice on how to manage their blood pressure. In 2012, over 12 million blood pressure readings were taken in our stores. Taking control of diabetes It is estimated that 2.7 million Canadians are living with diabetes and that a million more have the disease and don t know it. With the incidence of diabetes on the rise, we have focused on helping Canadians identify the risks and, for those living with the disease, take control of their health. In 2012, Shoppers Drug Mart/Pharmaprix pharmacists tested the A1C levels of over 12,000 patients and found that more than 50% were sub-optimal. In addition to promoting awareness, this type of intervention can help prevent further medical complications for those living with the disease. We continued our relationship with the Public Health Agency of Canada by promoting the CANRISK Diabetes Questionnaire and held more than 675 CanRisk days in stores across Canada. Today, the number of our pharmacists who are Certified Diabetes Educators has grown to more than 450 across the store network, another great resource for Canadians living with diabetes. 8 Shoppers Drug Mart Corporation Annual Report 2012

13 Expanded scope of practice Shoppers Drug Mart/Pharmaprix fully supports the move to expand the scope of practice for pharmacists. In many cases, pharmacy is the front-line resource for health care in communities across Canada. By enabling pharmacists to provide more services, we can improve health outcomes for Canadians while, at the same time, reducing overall costs to the health care system. In 2012, we saw a significant increase in the number of services we provide, demonstrating the commitment Shoppers Drug Mart/Pharmaprix pharmacists have to utilizing their skills beyond that of traditional dispensing. Close to half a million Canadians received a patient care service from a Shoppers Drug Mart/Pharmaprix pharmacist last year and while medication reviews are still the most commonly sought after service, we also experienced significant increases in injections and vaccinations. Patient services by province NFLD Medication Reviews Rx Adaptations NB Medication Reviews Injections BC Medication Reviews Vaccine Injections Rx Adaptations Rx Renewal Therapeutic Substitution NS Rx Adaptations Medication Reviews AB Initial Prescribing Injections Medication Reviews Care Plans Rx Adaptations Rx Renewals Emergency Prescribing SK Drug Reconciliation Med Assessment Rx Adaptations Rx Renewals Emergency Prescribing Smoking Cessation Minor Ailments ON Medication Reviews Pharmaceutical Opinion Smoking Cessation Flu Injections Other regulated, but not reimbursed services QC L Opinion Pharmaceutique Long-term care Recognizing the need to expand our presence in the long-term care market, Shoppers Drug Mart acquired MediSystem Technologies Inc. in And, while this business has grown steadily since, it was further strengthened in 2012 by the Company s acquisition of Paragon Pharmacies Limited, which included three central fill locations in Western Canada, providing a platform for MediSystem to enter the British Columbia and Manitoba markets. Shoppers Health Care Portal In 2012, the Company launched the Shoppers Health Care Portal, a website designed to provide Canadian health care professionals with access to drug reimbursement information and clinical tools with the goal of improving patient care. The first of its kind in Canada, the Shoppers Health Care Portal gives registered users access to drug coverage reimbursement and clinical eligibility criteria for more than 200 specialty medications, as well as information on patient support programs. The launch of the portal demonstrates our commitment, as a patient-focused organization, to making health information and services available to the communities we serve. To date, more than 2,000 Canadian health care professionals have registered for the portal, of which 74% are physicians. Shoppers Drug Mart Corporation Annual Report

14 Front store One of Shoppers Drug Mart/Pharmaprix s key strengths is our value proposition, which is built upon the pillars of health, beauty and convenience. In 2012, the Company experienced sales and market share gains in each of these areas. While close to 50% of our business occurs in the pharmacy, we recognize that our front store operations are equally important to our success. With more than 1,295 retail drug stores offering a vast selection of over-the-counter medications, health and beauty aids, household consumables, quality private label and exclusive brands and an unparalleled assortment of mass and prestige cosmetic products, we make life easier for Canadians and their families. today s consumers are smarter, better informed and more discerning about how they spend their money and, in response, Shoppers Drug Mart/Pharmaprix continues to evolve its merchandising assortment, convenient services and customer care in stores across the country. We undertook a number of initiatives in 2012 to grow our front store business, including the continued evolution of our beauty offering, the introduction of new and exclusive products, improving the relevancy of our marketing programs and providing our customers with best-in-class customer service. 10 Shoppers Drug Mart Corporation Annual Report 2012

15 The digital consumer Close to half of Canadians own a smart phone and more than 44% follow and engage with brands on social networking sites. We continued to expand our digital presence in 2012 and remain focused on improving the way we interact with the mobile consumer. Evidence of our efforts will be the launch of a mobile Shoppers Optimum card in Evolving beauty Shoppers Drug Mart/Pharmaprix has pushed the envelope when it comes to the beauty category in Canada. In fact, we have become the market leader in the sale of mass and prestige cosmetics, fragrances and skin care products. We continued to build on this momentum in 2012 with the launch of new brands and an elevated service offering. Customer service In an age of emerging formats and online retailing, Canadians still enjoy the in-store retail shopping environment. With an emphasis on customer service and innovative approaches to improving the overall shopping experience, we are focused on making Shoppers Drug Mart/ Pharmaprix the retailer of choice for Canadians. Convenience Online retailing While e-commerce still represents a small percentage of total retail sales in Canada, it continues to outpace the growth of traditional bricks-and-mortar retail. In fact, online retailing is expected to grow by 12.8% between 2012 and Accordingly, we ventured into the e-commerce channel in 2012 with the launch of murale.ca. With more than 1,295 drug stores, we have one of the most accessible and convenient store networks in the country. We know that our convenience categories drive traffic and increase basket size and we continue to introduce new services and products to help meet the everyday needs of Canadians and their families. Shoppers Drug Mart Corporation Annual Report

16 Front store Personalization The Shoppers Optimum program is one of the largest and most powerful loyalty programs in Canada. The program provides us with insights into the purchasing behaviours and preferences of more than 10 million Canadians. We strive to provide our customers with additional value for their everyday purchases and use these insights to improve their overall shopping experience. This past year, we harnessed the power of the program by piloting targeted and personalized offers via . More than 150,000 different offers were deployed to customers based on their purchasing history, which helped drive incremental sales and margin dollars for the business in a cost-effective and efficient manner. Encouraged by these results, we have plans to continue to extend the reach of this program to all regions of the country in Customer service Today s consumer has more choice than ever before when making decisions on where to shop. That s why it is critical to provide a consistent and excellent shopping experience each time a customer visits one of our stores. Shoppers Drug Mart/Pharmaprix customers are invited to rate their experience each time they shop with us, and last year we saw our overall scores improve. In 2013, we are launching a new customer service index program that will allow stores to see their customer feedback and ratings on a daily basis. Stores will also have access to an online bestpractice library, facilitating the sharing of ideas for improved customer service. Convenience We know that customers who shop with us for convenient food and household items have a larger basket overall. In 2012, we continued to increase market share in these categories. Looking ahead, we believe there are opportunities for us to leverage our leadership position in pharmacy and link the food category with diet, health and nutrition products, programs and initiatives. And with more than 660 postal outlets in Shoppers Drug Mart/ Pharmaprix stores, we have become the number one franchise partner for Canada Post. In 2012, we also strengthened our convenient services offering by expanding our alliance with RBC and launching a new Shoppers Optimum MasterCard and, more recently, introducing travel insurance. E-commerce In April 2012, we launched the e-commerce component of murale.ca, the website for the Company s luxury beauty destination, Murale. The transactional site invites customers from across Canada to shop for over 6,000 beauty items and share their favourite products and reviews via social networks. The Murale online shopping experience allows us to grow and expand our digital platforms and presence. Feedback from murale.ca customers has been very positive and we are using the learnings from this initiative to plan future online retailing opportunities. 12 Shoppers Drug Mart Corporation Annual Report 2012

17 Cosmetics clientelling In an effort to strengthen our relationship with our cosmetics customers, this past year we piloted a cosmetics clientelling initiative in 18 stores. The pilot equips beauty advisors with ipads that, with the customer s permission, retain purchase history and details regarding their interest in promotional events and brands. Clientelling enables us to cater more specifically to our customers needs and allows us to move our current paper files to an electronic format. Feedback from the program indicates that customers value clientelling and appreciate the elevated level of service, as it allows their beauty advisor to engage with them in a more meaningful way. Only at Shoppers Corporate and exclusive label brands are essential to creating and maintaining customer loyalty. At Shoppers Drug Mart/Pharmaprix, we now have over 9,300 corporate and exclusive brand products under many popular labels including Life Brand, the number one over-the-counter brand in Canada; Simply Food, offering an increasing assortment of high-quality food products; and Quo, our largest cosmetic brand. In 2013, Life Brand, which is more than 50 years old, will be relaunched with new packaging that better communicates its leading position in health by helping Canadians get well and stay well. Additionally, we are launching a new confectionary brand, Carnaby Sweet, featuring national brand equivalent sweets and treats, as well as premium favourites. Beauty We have been helping Canadians look and feel their best and discover their own sense of beauty for many years. Over time, beauty has become a key pillar of our value proposition and we are known as a leading destination for cosmetics, fragrances and skin care products among women of all ages. In 2012, Shoppers Drug Mart/Pharmaprix established itself as the leader in beauty by becoming Canada s number one retailer of prestige cosmetics. We continue to evolve the shopping experience and product offering in our stores. In 2012, we opened our enhanced beautyboutique concept in Bayview Village, one of Toronto s most prestigious shopping centres. As well, we launched more than 25 new brands and expanded the presence of many others within our network, including Clinique, Darphin, Estée Lauder, Origins and Stila, among others. Cosmetics Outstanding Service Awards (COSA) 2012 Winners With more than 5,500 beauty team members across the country, Shoppers Drug Mart/Pharmaprix delivers friendly, unbiased and knowledgeable customer service and advice. Several Shoppers Drug Mart beauty advisors were recognized for their excellence in customer service as recipients of 2012 COSA awards. From left to right: Ally LeBel, Michele Conley, Lesley Clark and Ashley Krastel Vernon, BC Hayley Ordiway Waterloo, ON Isabella Montagano New Westminister, BC Shoppers Drug Mart Corporation Annual Report

18 Our people Shoppers Drug Mart/Pharmaprix has been built on the successful implementation of the Associate Concept, originally developed by the Company s founder, Murray Koffler, over 50 years ago. The Associate Concept provides pharmacists with the opportunity to combine independent business ownership, professional practice and co-operative services under one brand with the support of a corporate partner. Today, the Associate Concept continues to be one of our Company s key strengths. Shoppers Drug Mart/ Pharmaprix Associate-owners are entrepreneurs and they inherently foster creativity and innovation in each of their stores. Each of the more than 1,120 Associate-owners holds the equity of the Shoppers Drug Mart/ Pharmaprix brand in their hands. It is their passion and commitment, combined with the efforts of their store teams, that ultimately defines our success. Together, we look forward to further growth and prosperity as we build upon our position of leadership in Canada s retail pharmacy marketplace. Peers Committees Regional Peers Committees are comprised of Associate-owners who are elected by their fellow Associates from each district within a region. The objective of this structure is to provide a vehicle through which regional Peers can represent and promote the interests of their fellow Associate-owners, while fostering constructive and effective two-way dialogue and communications with Company management. The Peers representatives from each district elect a Peers Chair for their region. Below are the Peers Chairs that served in Art Lam, British Columbia George Furneaux, Prairies Hitesh Pandya, Ontario West Peter Barreiro, Ontario East Nabil Chikh, Québec Ryan Quinn, Atlantic 14 Shoppers Drug Mart Corporation Annual Report 2012

19 Recognizing excellence The Associate of the Year award and the Front Store Manager of the Year award recognize the best of the best among Associate-owners and Front Store Managers for their achievements and contributions to Shoppers Drug Mart/Pharmaprix and to the vision and goals of the Company. These individuals consistently demonstrate performance excellence and engage their store teams in delivering high-quality patient care and customer service. Associate-owners of the Year Bojana Dzombeta, Kelly Laforge, Dalia Salib, Carolyn Burpee, Suzanne Fradet, Darren Tucker, Shoppers Drug Mart, Burnaby, BC Shoppers Drug Mart, Edmonton, AB Shoppers Drug Mart, Toronto, ON Shoppers Drug Mart, Brockville, ON Pharmaprix, Pincourt/Pierrefonds, QC Shoppers Drug Mart, Mount Pearl, NL Front Store Managers of the Year Sue Poirier, Robert Maxwell, Leeanne Ravera, Doug Gervais, Anh Danh Vo, Derek Smith, Shoppers Drug Mart, Abbotsford, BC Shoppers Drug Mart, Edmonton, AB Shoppers Drug Mart, Toronto, ON Shoppers Drug Mart, Ottawa, ON Pharmaprix, Raymond, QC Shoppers Drug Mart, New Glasgow, NS We Care Awards We are committed to recognizing the pharmacists who represent our brand and provide exceptional service and care to our patients. We are proud to salute the 2012 winners of the We Care Awards and Pharmacist of the Year. Pharmacist of the Year We Care Awards We Care Awards We Care Awards We Care Awards We Care Awards Jillian Croke, Conception Bay, NL Steve Owens, Chilliwack, BC Jean-Ann Garside, Edmonton, AB Paul Bazin, Swift Current, SK Ashley Nethercott Strathroy, ON Annie Côté, Québec City, QC Shoppers Drug Mart Corporation Annual Report

20 Shaping the future of our communities As one of Canada s leading retailers and health care providers, we acknowledge our responsibility and recognize the role we play in helping to shape our future by advancing the delivery of health care services and by engaging in socially responsible business practices. Throughout our business operations, we strive to protect and strengthen the health, safety and well-being of our employees, patients and customers to ensure a sustainable future for our Company and for all Canadians. Employee relations Our employees, Associate-owners and their store teams are the heart of Shoppers Drug Mart/Pharmaprix. Guided by our CORE values, they are ambassadors of our brand. We are focused on providing employees with a great working environment, learning opportunities, career development, recognition and competitive compensation and benefits. Community investment Building on a tradition of giving back to our communities, we continue to make a positive difference in the lives of Canadian women and their families through our commitment to Shoppers Drug Mart/Pharmaprix WOMEN. Through this program, we support organizations that provide health information and resources to help women ensure their optimal health. 16 Shoppers Drug Mart Corporation Annual Report 2012

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