Jean Coutu sales rise on generic drugs demand, store expansion
July 8 (Reuters) - Canadian pharmacy chain Jean Coutu Group Inc reported a higher quarterly sales, helped by demand for its high-margin generic drugs and the expansion of its network of franchised stores.
The Longueuil, Quebec-based company's revenue rose 1 percent to C$688.6 million.
Net profit halved to C$54.1 million ($50.64 million), or 29 Canadian cents per share, in the first quarter ended May 31, from C$108.6 million, or 51 Canadian cents per share, a year earlier.
The company had reported a gain of C$54.4 million related to the investment in Rite Aid a year earlier. ($1 = 1.0684 Canadian Dollars) (Reporting By Shubhankar Chakravorty in Bangalore)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video