Pharmacy retailer Jean Coutu reports Q4 profit down from year ago

VARENNES, Que. – The Jean Coutu Group (TSX:PJC.A) says it earned $51.5 million in its latest quarter, down from $55.2 million in the same quarter last year.

The pharmacy retailer said Wednesday the profit amounted to 28 cents per share for the quarter ended Feb. 27 compared with 30 cents per share a year ago.

Revenue in what was the company’s fourth quarter of its financial year totalled $706.6 million, down from $713.9 million in the same period a year earlier due to a drop in sales of non-prescription drugs for cold and flu.

For its full financial year, Jean Coutu said it earned $213.7 million or $1.14 per share on $2.85 billion in revenue. That compared with a profit of $218.9 million or $1.17 per share on $2.81 billion in revenue the previous year.

On a same-store basis, the company said retail sales in the fourth quarter were up 0.3 per cent compared with a year ago. For the its full financial year, same-store retail sales were up by 1.5 per cent.

Jean Coutu has a network of 417 franchised stores in Quebec, New Brunswick and Ontario under several banners including PJC Jean Coutu as well as a subsidiary that makes generic drugs.