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Quebec-based pharmacy chain Jean Coutu Group reported its best quarterly profit in nine years on Tuesday.
For the third quarter, it earned $184 million US, up almost six-fold from $31.6 million US in the same quarter a year ago.
Jean Coutu three-month trading
The bulk of the gain stems from a rise in shares that Jean Coutu received for selling its 1,850 drugstores in the Brooks and Eckerd chains in the U.S. to Rite Aid.
Jean Coutu had acquired the Eckerd stores from J.C. Penney in 2004 for $2.38 billion US. But it ran into problems integrating the U.S. stores into its Canadian operations and sold them last August to Rite Aid. The deal is expected to close by June.
Also helping to push up profits were pharmacy sales — especially in Canada. Over the quarter, revenue rose 10 per cent to $3.17 billion US.
Jean Coutu is Canada's second-biggest drugstore chain.
(Canadian Press)
"Demographic trends in Canada and the United States are expected to contribute to growth in the consumption of prescription drugs, and to the increased use of pharmaceuticals as the primary intervention in individual health care," the company said in a release.
Based in Longueuil, Que., Jean Coutu is Canada's second-biggest pharmacy chain after Shoppers Drug Mart. Jean Coutu operates 326 corporate and franchise stores in Quebec, New Brunswick and Ontario.
The company operates under three banners: Jean Coutu, Brooks Pharmacy and Eckerd Pharmacy.
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