Sunday, July 12, 2009

Expansion returns Jean Coutu to profitability

From the Vancouver Sun:
Canadian pharmacy company Jean Coutu Group Inc. reported a profit of $10.3-million in the first quarter on Tuesday, thanks to several franchise store openings.

The earnings for the first quarter ended May 30 of the 2010 fiscal year, at 4 cents per share, are an improvement over a net loss of $20.2-million (8 cents) in the same period last year.

Revenue, from merchandise sales to franchises plus franchising activities, rose almost 8% to $619.3-million from $574.3-million in the first quarter of 2009.

"We have reached our objectives in spite of the economic conditions that prevailed during this quarter," Francois Coutu, chief executive, said in a statement. "We intend to maintain the rhythm of our network's expansion and renovation projects and the development of our product offering." ...more

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