TORONTO — Drug store operator Shoppers Drug Mart Corp. (TSX:SC) reported Thursday a fourth-quarter of $173 million, up 14.4 per cent from a year-earlier $151 million, as sales revenue showed a strong increase, a trend it expects to continue through 2009.

The Toronto-based company said its earnings for the quarter ended Dec. 31 amounted to 80 cents per share, versus 70 cents per share in the year-ago period.

Overall sales rose 15.1 per cent to $2.5 billion and same-store sales — sales at stores open at least a year — were up 3.6 per cent.

“The company’s capital investment program, which resulted in an 11.6 per cent increase in selling space compared to a year ago, together with the benefit of an additional week in fiscal 2008, drove this top-line growth,” the company said in a statement.

Full-year 2008 net earnings rose 15.2 per cent to $565 million, $2.60 per share, from $490 million, $2.26 per share, in 2007. That was on sales of $9.42 billion compared to $8.48 billion in 2007.

Shoppers said it expects total sales to increase by between 5.5 per cent and seven per cent in 2009 — or between 7.5 per cent and nine per cent, taking into account an extra week accounted for in fiscal 2008.

Same-store sales growth is expected between five per cent and six per cent in pharmacy, while general merchandise sales are expected “to be more in-line with fourth quarter 2008 results of 2.4 per cent, plus or minus one per cent.”

“We are pleased with our performance in the fourth quarter and are proud of our results and accomplishments in fiscal 2008,” said president and CEO Jurgen Schreiber.

“The strength of our business model, coupled with the dedication and commitment of our associate-owners and their teams at store level, along with the efforts of our corporate and regional office employees, allowed us to continue to deliver sector-leading growth in these challenging times.”

The company opened or acquired 28 drug stores in the fourth quarter and four smaller stores were closed. For 2008, Shoppers opened or acquired 142 stores, 37 of which were relocations, and closed 13 smaller stores.

Shoppers’ quarterly dividend was unchanged at 21.5 cents per common share.

Shares in the company were ahead $2.04, almost five per cent, at $43.59 in midday trading at the Toronto Stock Exchange.