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Metro takeover, generic-drug changes weigh down Jean Coutu’s profits

January 11, 2018 6:38 PM
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The pharmacy chain says it earned $42.1 million for the quarter ended Dec. 2, compare to a profit of $51.2 million a year earlier.

MONTREAL—The Jean Coutu Group Inc. reported a drop in its third-quarter profit compared with a year ago, weighed down by costs related to the sale of the company to Metro Inc. and changes affecting its generic drug business.

The pharmacy chain says it earned $42.1 million or 23 cents per share for the quarter ended Dec. 2, compared with a profit of $51.2 million or 28 cents per share a year earlier.

Revenue totalled $758.9 million, down from $763.7 million in the same quarter a year earlier.

Jean Coutu has a network of 419 franchised stores in Quebec, New Brunswick and Ontario under the banners of PJC Jean Coutu, PJC Sante and PJC Sante Beaute as well as Pro Doc Ltd., a manufacturer of generic drugs.

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Source: thestar.com

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