Jean Coutu's first-quarter profit plunges

Tue Jul 9, 2013 7:14am EDT
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July 9 (Reuters) - Canadian drugstore chain Jean Coutu Group Inc's first-quarter profit fell 77 percent, mainly due to lower generic drug prices.

A slew of price control measures have crimped prescription sales growth at Jean Coutu and rivals such as Shoppers Drug Mart .

Jean Coutu's net profit fell to C$108.6 million ($102.9 million), or 51 Canadian cents per share, in the quarter ended June 1, from C$397.3 million, or C$1.81 per share, a year earlier.