Jean Coutu posts Q1 revenue increase

LONGUEUIL, Quebec The Jean Coutu Group on Tuesday posted revenues of US$563.6 million for the first quarter fiscal 2009 ended May 31, representing an increase of 4.7 percent. The Canadian pharmacy operator recorded a loss of US$19.8 million for the period. However, the company’s Canadian franchise network retail same-store sales were up 4.2 percent, with pharmacy same-store sales gaining 6.6 percent and front-end comparable sales increasing 0.3 percent. Total sales were up 5.1 percent.

“Our first-quarter Canadian network performance was satisfactory given current market conditions,” stated Francois Coutu, Jean Coutu president and chief executive officer. “We pursued our growth objective and continued to invest in the PJC drugstore network, completing several store openings, acquisitions and other projects. The company is well on its way to achieving significant growth in network selling square footage in fiscal 2009.”

Jean Coutu’s share of Rite Aid’s results amounted to a loss of $52.4 million, the company reported, accounting for its 29.8 percent equity interest in Rite Aid as of May 31.