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July 8 (Reuters) - Canadian pharmacy chain Jean Coutu Group Inc reported a higher quarterly sales, helped by demand for its high-margin generic drugs and the expansion of its network of franchised stores.
The Longueuil, Quebec-based company's revenue rose 1 percent to C$688.6 million.
Net profit halved to C$54.1 million ($50.64 million), or 29 Canadian cents per share, in the first quarter ended May 31, from C$108.6 million, or 51 Canadian cents per share, a year earlier.
The company had reported a gain of C$54.4 million related to the investment in Rite Aid a year earlier. ($1 = 1.0684 Canadian Dollars) (Reporting By Shubhankar Chakravorty in Bangalore)