LONGUEUIL, Que. - The Jean Coutu Group (TSX:PJC.A) reports an increase in revenue in its latest quarter but a drop in net profit compared with a year ago when the drug store chain franchisor recorded an unusual gain on the sale of U.S. assets.
Quebec-based Jean Coutu said Wednesday that its net profit in the three months ended Sept. 1 was $51.2 million or 23 cents per share. That compared with 66.4 million or 20 cents per share in the comparable year-earlier period.
Revenue for its fiscal 2013 second quarter rose to $658.7 million from $635.2 million in the same fiscal 2012 period.
"The decrease in net profit was mainly attributable to a gain related to the sale of Rite Aid's shares, for a total proceed of $22 million, net of related costs, during the quarter ended August 27, 2011," the company said in a release.