Shoppers Drug Mart profit jumps almost 19 percent

(Adds details from conference call, quotes, updates stock price)

By Jennifer Kwan

TORONTO, April 30 (Reuters) - Shoppers Drug Mart (SC.TO: Quote, Profile, Research, Stock Buzz) reported an 18.7 percent jump in first-quarter profit on Monday, as Canada's largest drugstore chain continued to enjoy robust prescription and front-store sales.

Shoppers said it earned C$85.1 million ($76.6 million), or 39 Canadian cents a share, for the quarter ended March 24, up from a profit of C$71.7 million, or 33 Canadian cents a share, in the corresponding period a year earlier.

Solid top-line growth, an enhanced sales mix and an ongoing commitment to cost reduction helped power profit higher in the quarter, the company said, noting those factors offset higher operating costs and increased amortization in new and relocated stores.

On average, analysts had expected a profit of 38 Canadian cents a share before exceptional items, according to Reuters Estimates.

Sales at Toronto-based Shoppers increased by 10 percent to C$1.8 billion, while same-store sales -- a key measure of retail performance -- rose 6.4 percent, the company said.

On a same-store basis, prescription sales gained 7 percent and front-of-store sales rose 5.8 percent.