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

BUSINESS

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

The Canadian Press Published Thursday, October 12, 2017 8:55AM EDT Last Updated Thursday, October 12, 2017 8:55AM EDT

A Jean Coutu pharmacy in Ste. Marthe-sur-le-Lac, Quebec, on Sept. 27, 2017. (Ryan Remiorz / THE CANADIAN PRESS)

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MONTREAL - 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 (TSX:PJC.A) are being offered a combination of cash and stock worth about $24.50 per share.