July 10, 2012 / 11:15 AM / 5 years ago

CORRECTED-Pharmacy chain Jean Coutu's profit rises

(Corrects first paragraph to say company sold part of its stake in Rite Aid, not the entire stake)

July 10 (Reuters) - Canadian pharmacy chain Jean Coutu Group Inc reported a higher first-quarter profit on a gain related to the sale of a part of its stake in Rite Aid drug stores.

Net profit rose to C$397.4 million ($389.7 million), or C$1.81 per share, from C$49.9 million, or 22 Canadian cents per share, a year earlier.

Revenue increased 3.2 percent to C$681.5 million. ($1 = 1.0199 Canadian dollars) (Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)

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