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
Showing posts with label Rite Aid. Show all posts
Showing posts with label Rite Aid. Show all posts
Monday, January 12, 2009
Tuesday, June 17, 2008
Rite Aid deal a bitter pill for Jean Coutu in first year after sale
From the Providence (RI) Journal:
The family that controlled the Warwick-based Brooks drugstore chain has seen the value of its stock holdings melt away in the year since it sold the company to a rival pharmacy operator.
Canada’s Jean Coutu Group (PJC.A:TSX) last year sold more than 1,850 Brooks and Eckerd drugstores and 6 distribution centers to Rite Aid Corp. for $3.9 billion in cash and stock in a deal that closed June 4, 2007.
Under the deal, Rite Aid paid $2.3 billion in cash to Jean Coutu and issued the company headquartered in Longueuil, Quebec, about 252 million shares, according to filings made last year to the U.S. Securities and Exchange Commission. The acquisition made Jean Coutu Group the largest Rite Aid shareholder, with 32 percent of common stock and about 30 percent of voting power. Jean Coutu’s holding in the third-largest American drugstore chain remains unchanged. ...more
The family that controlled the Warwick-based Brooks drugstore chain has seen the value of its stock holdings melt away in the year since it sold the company to a rival pharmacy operator.
Canada’s Jean Coutu Group (PJC.A:TSX) last year sold more than 1,850 Brooks and Eckerd drugstores and 6 distribution centers to Rite Aid Corp. for $3.9 billion in cash and stock in a deal that closed June 4, 2007.
Under the deal, Rite Aid paid $2.3 billion in cash to Jean Coutu and issued the company headquartered in Longueuil, Quebec, about 252 million shares, according to filings made last year to the U.S. Securities and Exchange Commission. The acquisition made Jean Coutu Group the largest Rite Aid shareholder, with 32 percent of common stock and about 30 percent of voting power. Jean Coutu’s holding in the third-largest American drugstore chain remains unchanged. ...more
Tuesday, April 29, 2008
U.S. drug arm pushes Jean Coutu into the red
From the Financial Post:
Jean Coutu Group Inc., Canada's second-biggest pharmacy chain, reported a third-quarter loss after losing money on its holdings in U.S. drug retailer Rite Aid Corp.
The net loss was $269.2-million, or $1.08 a share, in the three months through March 1, compared with net income of $232.1-million (89 cents) a year earlier, the Longueuil, Que.-based company said on Tuesday in a statement.
Profit excluding Jean Coutu's (PJC.A/TSX) stake in Rite Aid missed analysts' estimates by 1 cent.
Rite Aid reported April 10 it had a loss of US$952.2-million on an income-tax charge and costs to integrate the Brooks and Eckerd pharmacies it bought from Jean Coutu. The Canadian company holds a 30% stake in Camp Hill, Penn.- based Rite Aid that it acquired as part of its US$4-billion sale of the U.S. pharmacy chains last year. ...more
Jean Coutu Group Inc., Canada's second-biggest pharmacy chain, reported a third-quarter loss after losing money on its holdings in U.S. drug retailer Rite Aid Corp.
The net loss was $269.2-million, or $1.08 a share, in the three months through March 1, compared with net income of $232.1-million (89 cents) a year earlier, the Longueuil, Que.-based company said on Tuesday in a statement.
Profit excluding Jean Coutu's (PJC.A/TSX) stake in Rite Aid missed analysts' estimates by 1 cent.
Rite Aid reported April 10 it had a loss of US$952.2-million on an income-tax charge and costs to integrate the Brooks and Eckerd pharmacies it bought from Jean Coutu. The Canadian company holds a 30% stake in Camp Hill, Penn.- based Rite Aid that it acquired as part of its US$4-billion sale of the U.S. pharmacy chains last year. ...more
Monday, January 14, 2008
Jean Coutu's bet on Rite Aid a loser so far
From the Montreal Gazette:
or many Canadian retailers, venturing into the United States has been the equivalent of a trek through Death Valley.
The number of Canadian companies that have stumbled and fallen in the U.S. retail market is a clear sign what works in this country is no guarantee of success south of the border.
The Jean Coutu Group thought it had solved that problem last winter when it sold off its underperforming U.S. pharmacy chains, Brooks and Eckerd, to Rite Aid, the No. 3 player in the American drug-store market.
As a result, Jean Coutu became the largest single investor in Rite Aid, with a 31-per-cent block of shares and four board seats. It nourished new hope that U.S. managers would do a better job than it could do in that country. ...more
or many Canadian retailers, venturing into the United States has been the equivalent of a trek through Death Valley.
The number of Canadian companies that have stumbled and fallen in the U.S. retail market is a clear sign what works in this country is no guarantee of success south of the border.
The Jean Coutu Group thought it had solved that problem last winter when it sold off its underperforming U.S. pharmacy chains, Brooks and Eckerd, to Rite Aid, the No. 3 player in the American drug-store market.
As a result, Jean Coutu became the largest single investor in Rite Aid, with a 31-per-cent block of shares and four board seats. It nourished new hope that U.S. managers would do a better job than it could do in that country. ...more
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