The company said third-quarter net income fell to $165.8 million, or $0.83 per share, from $167.7 million, or $0.81 cents per share, a year earlier, when there was more outstanding stock.
Excluding special items, earnings per share were $0.88 cents, up from $0.85 Canadian cents a year earlier.
Analysts on average expected earnings of $0.81 cents per share, according to Thomson Reuters I/B/E/S.
Sales rose 2.4% to $3.29 billion, meeting analysts' estimates. Sales at established stores, a key measure for retailers, were 2.2% higher.
But the average prescription value declined a further 2.7% during the quarter. Pharmacies have been hit by ongoing regulation changes in Canada that put a cap on generic drug prices.
Results also included $14 million in costs from the Loblaw deal.
In September, shareholders voted overwhelmingly in favor of the $12.4 billion sale to Canada's largest food retailer. The transaction will probably be finalized before the end of the first quarter after Canadian competition regulators give their approval.