Jean Coutu reports third-quarter profit and revenue down from year ago mark

MONTREAL – The Jean Coutu Group Inc. reported a drop in its third-quarter profit compared with a year ago, weighed down by costs related to the sale of the company to Metro Inc. and changes affecting its generic drug business.

The pharmacy chain (TSX:PJC.A) says it earned $42.1 million or 23 cents per share for the quarter ended Dec. 2 compared with a profit of $51.2 million or 28 cents per share a year earlier.

Revenue totalled $758.9 million, down from $763.7 million in the same quarter a year earlier.

In November, Jean Coutu shareholders voted 99.9 per cent to a takeover offer by Metro (TSX:MRU) in a stock-and-cash deal worth $4.5 billion or $24.50 per share.

The transaction is expected to close later this year.

Jean Coutu has a network of 419 franchised stores in Quebec, New Brunswick and Ontario under the banners of PJC Jean Coutu, PJC Sante and PJC Sante Beaute as well as Pro Doc Ltd., a manufacturer of generic drugs.