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.