MONTREAL - Quebec-based pharmacy chain Jean Coutu Group Inc. earned $47.8 million in its latest quarter, down from $51.5 million a year ago even as revenue improved.
The drug store retailer says the profit amounted to 26 cents per diluted share for the three-month period ended Sept. 2 compared with 28 cents per diluted share in the same period a year earlier.
It attributed the drop in earnings to a lower contribution from its Pro Doc generic drug business following a regulatory change that took effect in January.
Revenue in what was Jean Coutu's second quarter totalled $744.3 million, up from $701.2 million.
Last week, Jean Coutu agreed to a $4.5-billion takeover offer from grocery store chain Metro Inc.
Jean Coutu shareholders (TSX:PJC.A) are being offered a combination of cash and stock worth about $24.50 per share.
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