July 7, 2015 / 7:39 PM / 2 years ago

BUZZ-Jean Coutu PJC Inc: Profit hit by tax provision

1 Min Read

** Canadian pharmacy chain's shares down 4.5 pct at C$21.28

** Q1 profit falls 6.5 pct due to a tax provision of $4.7 mln following a judgment rendered by Quebec Court of Appeal

** The court reversed a lower court's judgment in favor of the corporation related to a suit for rectification of books and records, company says

** Company says it was seeking permission to appeal to the Supreme Court of Canada

** Company also says that increase in the number of generic drugs prescriptions with lower selling prices impacted pharmacy's retail sales

** Company's consolidated gross margin of 21.7 pct was about 40 bps below estimates of Peter Sklar, analyst at BMO Capital MArkets

** Up to Monday's close, stock had declined about 21 pct this year

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