Jean Coutu Q2 revenue up 7.3 per cent, chain earns $14.9M

Tue Oct 6, 7:51 AM
The Canadian Press
LONGUEUIL, Que. - The largest pharmacy chain in Quebec says it had a 7.3 per cent increase in revenue in its latest quarter.
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(The Canadian Press)

By The Canadian Press

LONGUEUIL, Que. - The largest pharmacy chain in Quebec says it had a 7.3 per cent increase in revenue in its latest quarter.

The Jean Coutu Group (TSX: PJC-A.TO) says its revenue was $608.7 million in the quarter ended Aug. 29, up from $567.5 million in the year-earlier period.

The Montreal-area company attributed the improved revenue to overall market gorwth and the expansion of its network of franchised stores.

In contrast with last year's second quarter, Jean Coutu was profitable.

Net income was $14.9 million or seven cents per share, compared with a loss of $39.1 million or 16 cents per share in last year's fiscal second quarter.

The loss last year was due mainly to a writedown of Jean Coutu's investment in Rite Aid, an American pharmacy chain that has been struggling.