Monday, January 12, 2009

Jean Coutu posts huge loss from ailing Rite Aid

From CBC News:
The Jean Coutu Group Inc. posted a huge third-quarter loss after writing down the value of its investment in a distressed U.S. drug store, the Canadian pharmacy chain said Thursday.

Quebec-based Jean Coutu lost $399.2 million for the three months ended Nov. 28 versus a profit of $9.5 million for a comparable period one year earlier.

Those results translated into a loss of $1.66 a share for the latest three-month period versus a four cent gain for the same time in 2007. ...more

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