October 6, 2008 / 11:33 AM / 9 years ago

UPDATE 2-Jean Coutu reports loss, hurt by Rite Aid

(Adds details. Updates share price)

TORONTO, Oct 6 (Reuters) - Jean Coutu Group (PJCa.TO) reported a steep second-quarter loss on Monday as it absorbed losses from its stake in U.S. pharmacy Rite Aid Corp (RAD.N).

The Canadian drug store chain reported a loss of C$39.1 million ($36 million), or 16 Canadian cents a share, for the quarter ended Aug. 30, compared with a profit of C$8.3 million, or 3 Canadian cents a share, for the comparable quarter last year.

Revenue was C$567.5 million, up 5 percent from C$540.3 million in the year-before quarter.

The company said its share of losses at Rite Aid, the No. 3 U.S. drugstore chain, was C$73.1 million, or 30 Canadian cents a share.

Late last month, Rite Aid posted a quarterly loss of $222 million, or 27 cents a share.

Before specific items including Rite Aid’s loss, Jean Coutu earned C$34.2 million, or 14 Canadian cents a share.

Analysts were expecting the Quebec-based company to earn 13 Canadian cents a share and revenue of C$571.75 million.

Jean Coutu shares were off 4.5 percent at C$7.00 on the Toronto Stock Exchange.

The company said its Canadian stores showed a 4.9 percent increase in total retail sales, with pharmacy sales up 5.7 percent. ($1=$1.10 Canadian) (Reporting by Scott Anderson; Editing by Peter Galloway)

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