Jean Coutu profit rises on gains from sale of Rite Aid stake

Wed Oct 9, 2013 7:16am EDT
 
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Oct 9 (Reuters) - Canadian pharmacy chain Jean Coutu Group Inc's quarterly profit rose more than four-fold due to a C$158.3 million ($153 million) gain from the sale of its investment in drugstore chain Rite Aid Corp.

Net profit rose to C$208.2 million, or 99 Canadian cents per share, for the three months ended Aug. 31, from C$51.2 million, or 23 Canadian cents per share, a year earlier.

Revenue fell slightly to C$653.8 million from C$658.7 million a year earlier.