Shoppers Drug Mart reiterates 2008 guidance

    TORONTO, March 5 /CNW/ - Shoppers Drug Mart Corporation (TSX: SC)
presented at the CIBC World Markets Retail Conference this morning. In the
presentation document reference was made to sales growth of 9% - 10% in the
Company's outlook for 2008. This represents sales growth adjusted to a 52-week
fiscal year. The Company reiterates its guidance for total sales growth of
10.5% - 12% for 2008, which is a 53-week fiscal year.
    For further information on the Company's 2008 outlook, please refer to
its Fourth Quarter 2007 Results press release dated February 5th, 2008.

    Shoppers Drug Mart Corporation is one of the most recognized and trusted
names in Canadian retailing. The Company is the licensor of full-service
retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in
Québec). With more than 1,060 Shoppers Drug Mart and Pharmaprix stores
operating in prime locations in each province and two territories, the Company
is one of the most convenient retailers in Canada. The Company also owns and
operates 64 Shoppers Home Health Care stores, making it the largest Canadian
retailer of home health care products and services. In addition to its retail
store network, the Company also owns MediSystem Technologies Inc., a provider
of pharmaceutical products and services to long-term care facilities in
Ontario and Alberta.

    Forward-looking Information and Statements

    This news release contains forward-looking information and statements
which constitute "forward-looking information" (under Canadian securities
law), and which may be material, regarding, among other things, the Company's
beliefs, plans, objectives, estimates, intentions and expectations, including
as they relate to its operating and financial results, capital expenditures,
dividend policy and the ability to execute on its operating, investing and
financing strategies. The forward-looking information and statements contained
herein are based on certain assumptions by management, certain of which are
set out in this news release. Inherent in the forward-looking information and
statements are known and unknown risks, uncertainties and other factors beyond
the Company's ability to control or predict. Actual results or developments
may differ materially from those contemplated by the forward-looking
information and statements. The material risk factors that could cause actual
results to differ materially from the forward-looking information and
statements contained herein include, without limitation: the risk of adverse
changes to laws and regulations relating to prescription drugs and their sale,
including pharmacy reimbursement and the availability of manufacturer
allowances, or changes to such laws and regulations that increase compliance
costs; the risk of adverse changes to existing pharmacy reimbursement programs
and the availability of manufacturer allowance funding; the risk of increased
competition from other retailers; the risk of exposure to fluctuations in
interest rates; the risk of material adverse changes in foreign currency
exchange rates; the risk of an inability to attract and retain pharmacists;
the risk of changes to the relationships of the Company with third-party
service providers; the risk that the Company will not be able to lease or
obtain suitable store locations on economically favourable terms; the risk
that new or changes to current federal and provincial laws, rules and
regulations, including environmental laws, rules and regulations, may
adversely impact the Company's business and operations; the risk that changes
in tax law, or changes in the way tax law is expected to be interpreted, may
adversely impact the Company's business and operations; the risk that new or
changes to existing accounting pronouncements may adversely impact the
Company; and the risk of damage to the reputation of brands promoted by the
Company, or to the reputation of any supplier or manufacturer of these brands.
    This is not an exhaustive list of the factors that may affect any of the
Company's forward-looking information and statements. Investors and others
should carefully consider these and other risk factors and not place undue
reliance on forward-looking information and statements. Further information
regarding these and other risk factors is included in the Company's public
filings with provincial securities regulatory authorities including, without
limitation, the section entitled "Risks and Risk Management" in the Company's
Management's Discussion and Analysis for the 52 week period ended December 30,
2006 and in the section entitled "Risk Factors" in the Company's Annual
Information Form for the same period. The forward-looking information and
statements contained in this news release represent the Company's views only
as of the date of this release. Forward-looking information and statements
contained in this news release about prospective results of operations,
financial position or cash flows that are based upon assumptions about future
economic conditions and courses of action are presented for the purpose of
assisting the Company's shareholders in understanding management's current
views regarding those future outcomes, and may not be appropriate for other
purposes. While the Company anticipates that subsequent events and
developments may cause the Company's views to change, the Company does not
undertake to update any forward-looking information and statements, except to
the extent required by applicable securities laws.

    %SEDAR: 00016987EF

For further information:

For further information: Media Contact: Tammy Smitham, Director,
Communications & Corporate Affairs, (416) 490-2892; or, (416) 493-1220, ext. 5500; Investor
Relations: (416) 493-1220, ext. 5678,

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