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Drug store retailer Jean Coutu reports profit down, revenue up from year ago

October 12, 2017 12:23 PM
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Quebec-based pharmacy chain Jean Coutu Group Inc. earned $47.8-million in its latest quarter, down from $51.5-million a year ago even as revenue improved.

The drug store retailer says the profit amounted to 26 cents per diluted share for the three-month period ended Sept. 2 compared with 28 cents per diluted share in the same period a year earlier.

It attributed the drop in earnings to a lower contribution from its Pro Doc generic drug business following a regulatory change that took effect in January.

Revenue in what was Jean Coutu's second quarter totalled $744.3-million, up from $701.2-million.

Last week, Jean Coutu agreed to a $4.5-billion takeover offer from grocery store chain Metro Inc.

Jean Coutu shareholders are being offered a combination of cash and stock worth about $24.50 a share.

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Source: beta.theglobeandmail.com

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