LONGUEUIL, QUEBEC -- 07/08/08 --
The Jean Coutu Group (PJC) Inc. (TSX: PJC.A) (the "Company" or the "Jean Coutu Group") today reported its financial results for the first quarter of fiscal 2009 ended on May 31, 2008.
SUMMARY OF RESULTS
(Unaudited, in millions of Canadian dollars except per share amounts)
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Q1-2009 Q4-2007(1)
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Revenues
Canada 574.3 548.4
United States - 2,708.9
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574.3 3,257.3
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Operating income before amortization ("OIBA")
Canada 54.4 55.7
United States - 63.4
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54.4 119.1
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Share of loss of Rite Aid Corporation 53.4 -
Net loss (20.2) (6.4)
Per share (0.08) (0.02)
Earnings before specific items and share of
Rite Aid's loss 33.2 25.1
Per share 0.13 0.10
(1) The comparative figures used for the first quarter fiscal 2009
results for the period ended May 31, 2008 are from the comparable
13-week period ended June 4, 2007, which was the fourth quarter of
fiscal 2007.
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HIGHLIGHTS
- Revenues of the Canadian operations increased by 4.7% to $574.3 million over the comparable 13-week period, which was the fourth quarter of fiscal 2007 due to the change in the fiscal year-end date.
- The Company recorded its share of Rite Aid's results during the first quarter of fiscal 2009, which amounted to a loss of $53.4 million ($0.21 after-tax per Jean Coutu Group share). Earnings before specific items and share of Rite Aid's loss amounted to $0.13 per share in the first quarter of fiscal 2009.
- On July 8, 2008, the Company announced acceptance by the Toronto Stock Exchange ("TSX") of notice of the Company's intention to purchase up to 12.3 million Class A subordinate voting shares in the 12-month period commencing July 11, 2008 and ending July 10, 2009.
Financial results
"Our first quarter Canadian network performance was satisfactory given current market conditions. We pursued our growth objective and continued to invest in the PJC drugstore network, completing several store openings, acquisitions and other projects. The Company is well on its way to achieving significant growth in network selling square footage in fiscal 2009. We look forward to continuing to build upon The Jean Coutu Group's position as a leader in pharmacy as we implement our strategic plan," said Francois J. Coutu, President and Chief Executive Officer. "Rite Aid has completed the acquired store systems conversion and expects to complete minor store remodels later this year."
Presentation of financial statements
The fiscal year ended March 1, 2008 contained 38 weeks and 5 days due to the Company's change in fiscal year end. The discussion that follows provides an analysis of the consolidated operating results based on periods in order to provide meaningful analysis for readers. The comparative figures used for discussion and analysis of the Company's first quarter fiscal 2009 ("Q1-2009") results for the period ended May 31, 2008 are from the comparable 13-week period ended June 4, 2007, which was the fourth quarter of fiscal 2007 ("Q4-2007").
Net loss
For the first quarter of fiscal 2009, the net loss amounted to $20.2 million ($0.08 per share) compared with $6.4 million ($0.02 per share) for the fourth quarter of fiscal 2007.
Canadian network sales increased year-over-year and operating income amounted to $49.2 million compared with $50.8 million, a decrease over the comparable 13-week period. Pharmacy script count growth was robust while pharmacy sales growth was impacted by the recent reduction in the prices of generic drugs. Operating results were impacted by a change in sales mix, generic drug price reductions and an increase in marketing expenses. As Pro-Doc continues to expand its product offering and grow its sales, the Company expects to reduce the impact of the reduction of the maximum wholesaler margin for prescription drug distribution to 6% in February 2008. Managing expenses as the Company continues its growth under changing market conditions is the top priority. Operating income for the former US operations was $63.4 million in the fourth quarter of fiscal 2007.
The Company recorded its share of Rite Aid's results during the first quarter of fiscal 2009. The share of Rite Aid's loss in the Company's first quarter fiscal 2009 earnings amounted to $53.4 million ($0.21 after-tax per Jean Coutu Group share).
Earnings before specific items and the share of Rite Aid's loss amounted to $33.2 million ($0.13 per share) during the first quarter of fiscal 2009 compared with $25.1 million ($0.10 per share) for the fourth quarter of fiscal 2007.
Canadian Operations
Retail sales
Retail sales growth percentages quoted herein are based on comparable periods.
During the first quarter, the Company's Canadian franchise network retail sales were up 4.2%, pharmacy sales gained 6.6% and front-end sales increased 0.3% year-over-year in terms of comparable stores. The network showed a 5.1% increase in total retail sales for the quarter compared with the comparable period. This quarter's front-end sales growth was impacted by inclement weather and decreases in the sales growth of allergy and cough, cold and flu medications. During the first quarter of fiscal 2009, sales of non-prescription drugs increased 1.9% compared to 3.1% during the fourth quarter of fiscal 2007. Retail sales for the period were $828.1 million.
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RETAIL SALES GROWTH (unaudited) Q1-2009 Q4-2007
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CANADA (1)
Same store sales growth
Total 4.2% 6.4%
Pharmacy 6.6% 8.1%
Front-end 0.3% 3.7%
Total sales growth
Total 5.1% 7.0%
Pharmacy 7.3% 8.5%
Front-end 1.4% 4.6%
(1) Franchised outlets' retail sales are not included in the Company's
consolidated financial statements.
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Distribution center sales
Canadian operations distribution center sales amounted to $516.7 million in the first quarter of fiscal 2009 compared with $492.7 million for the fiscal quarter ended June 4, 2007, an increase of 4.9%.
OIBA
OIBA for Canadian operations amounted to $54.4 million in the first quarter of fiscal 2009 compared with $55.7 million for the fourth quarter of fiscal 2007. The decrease in OIBA is attributable to a change in sales mix, generic drug price reductions and an increase in marketing spending which more than offset the increase in the wholesaler margin for prescription drug distribution from 5% in the fourth quarter of fiscal 2007 to 6% in the current quarter. OIBA as a percentage of revenues for Canadian operations ended the fiscal quarter at 9.5% compared with 10.2% for the fourth quarter of fiscal 2007.
Store network development
During the first quarter of fiscal 2009, there were 8 store openings, of which 3 were relocations. On May 31, 2008, there were 336 stores in the PJC Jean Coutu drugstore network.
Rite Aid investment
The Company held a 29.8% equity interest in Rite Aid as of May 31, 2008 and this investment is accounted for under the equity method. Rite Aid reported a net loss for the quarter ended May 31, 2008 of US$156.6 million (US$0.20 per Rite Aid share) compared with net income of US$27.6 million (US$0.04 per Rite Aid share) for the same period the previous fiscal year.
The share of Rite Aid's loss in The Jean Coutu Group's first quarter 2009 earnings amounted to $53.4 million ($0.21 after-tax per Jean Coutu Group share).
Third party asset-backed commercial paper
On May 31, 2008, the Company held investments of a nominal amount of $35.6 million which were invested in Canadian third party asset-backed commercial paper ("ABCP").
As a result of a fair value estimation, the Company has recognized a $7.1 million ($5.9 million after-tax) provision for losses with respect to its ABCP holdings reflecting the reduction in the fair value of these investments which was recorded in fiscal 2008, including a provision for its estimated share of restructuring costs. During the first quarter of fiscal 2009, there were no material factors which affected this provision and no additional provision was recorded.
The Company has sufficient credit facilities to satisfy its financial obligations as they come due and does not expect there will be a materially adverse impact on its business as a result of the ABCP liquidity issue.
Normal Course Issuer Bid
The Company today announced acceptance by the TSX of notice of the Company's intention to purchase from time to time through the facilities of the TSX and in accordance with its requirements, if it is considered advisable, up to 12,311,000 of its outstanding Class A subordinate voting shares ("Class A shares" or "Shares"), its only class of shares that are publicly traded. This represents approximately 10% of the outstanding current public float of such Shares, which, as of June 30, 2008, totalled 123,110,236 Shares. The average daily trading volume of the Company's Class A shares over the late six completed calendar months was 349,498. Accordingly, under the exchange Rules and policies, the Company is entitled on any trading day to purchase up to 87,374 Class A shares. As of June 30, 2008, The Jean Coutu Group had 130,918,906 Class A shares issued and outstanding. Purchases of such Shares may be made pursuant to this notice in the 12-month period commencing July 11, 2008 and ending July 10, 2009. All Shares of The Jean Coutu Group purchased pursuant to this notice will be cancelled by the Company.
During the past 12 months, the Company has purchased 13,672,800 Class A subordinate voting shares at an weighted average price of $12.93 per share, pursuant to a Normal Course Issuer Bid.
The Company has determined that the purchase of its Class A shares will allow it to optimize its capital structure and create long-term value for shareholders.
Dividend
The Board of Directors declared a quarterly dividend of $0.04 per share payable on August 8, 2008 to all holders of Class A shares and holders of Class B shares listed in the Company's shareholder ledger as at July 25, 2008.
Outlook
With operations in Canada, financial flexibility and a significant interest in a United States' drugstore leader, the Company is well positioned to capitalize on the growth in the North American drugstore retailing industry. Demographic trends in Canada and the United States are expected to contribute to growth in the consumption of prescription drugs, and to the increased use of pharmaceuticals as the primary intervention in individual healthcare. Management believes that these trends will continue and that the Company will grow its revenues through differentiation and quality of offering and service levels in its Canadian drugstore network, which it operates with a focus on sales growth, its real estate program and operating efficiency.
Conference call
Financial analysts are invited to attend the first quarter results conference call to be held on July 8, 2008, at 8:30 AM (ET). The toll free call-in number is 1-888-789-9572 - access code 3263202 followed by pound sign (#). Media and other interested individuals are invited to listen to the live or deferred broadcast on The Jean Coutu Group corporate website at www.jeancoutu.com. A full replay will also be available by dialing 1-800-408-3053 - access code 3263202 followed by pound sign (#) until August 8, 2008.
Supporting documentation (Management's discussion and analysis and investor presentation) is available at www.jeancoutu.com using the investors' link. Readers may also access additional information and filings related to the Company using the following link to the www.sedar.com website.
About The Jean Coutu Group
The Jean Coutu Group (PJC) Inc. operates a network of 336 franchised drugstores in Canada located in the provinces of Quebec, New Brunswick and Ontario (under the banners of PJC Jean Coutu, PJC Clinique and PJC Sante Beaute) and employs more than 16,000 people. The Jean Coutu Group is one of the most trusted names in Canadian pharmacy retailing. The Company holds a significant interest in Rite Aid Corporation, one of the United States' leading drugstore chains with more than 5,000 drugstores in 31 states and the District of Columbia.
This press release contains forward-looking statements, that involve risks and uncertainties, and which are based on the Company's current expectations, estimates, projections and assumptions and were made by The Jean Coutu Group in light of its experience and its perception of historical trends. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, costs, operating or financial results, are forward-looking statements. All statements other than statements of historical facts included in this press release, including, statements regarding the prospects of the Company's industry and the Company's prospects, plans, financial position and business strategy, may constitute forward-looking statements within the meaning of the Canadian securities legislation and regulations. Some of the forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "project", "could", "anticipate," "plan," "foresee," "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although The Jean Coutu Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. These statements do not reflect the potential impact of any non-recurring items or of any mergers, acquisitions, dispositions, asset write-downs or other transactions or charges that may be announced or that may occur after the date hereof. While the below list of cautionary statements is not exhaustive, some important factors that could affect our future operating results, financial position and cash flows and could cause our actual results to differ materially from those expressed in these forward-looking statements are the investment in Rite Aid, general economic, financial or market conditions, the investment in ABCP, the cyclical and seasonal variations in the industry in which we operate, the changes in the regulatory environment as it relates to the sale of prescription drug, the ability to attract and retain pharmacists, the intensity of competitive activity in the industry in which we operate, certain property and casualty risks, risks in connection with third party service providers, technological changes that affect demand for our products and services, labour disruptions, including possibly strikes and labour protests, changes in laws and regulations, or in their interpretations, changes in tax regulations and accounting pronouncements, the success of the Company's business model, the supplier and brand reputations and the accuracy of management's assumptions and other factors that are beyond our control.
These and other factors could cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Investors and others are cautioned that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that would cause the Company's actual results to differ from current expectations, please also refer to the Company's public filings available at www.sedar.com and www.jeancoutu.com. In particular, further details and descriptions of these and other factors are disclosed in the Company's Annual Information Form under "Risk Factors" and in the "Risks and Uncertainties" section of the Management's Discussion & Analysis. We expressly disclaim any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.
This press release also contains certain non-GAAP financial measures. Such information is reconciled to the most directly comparable financial measures, as set forth in the Management's Discussion & Analysis, included in the Company's First Quarter Report to Shareholders.
THE JEAN COUTU GROUP (PJC) INC.
Consolidated statements of earnings 13 weeks
For the periods ended May 31, 2008 and
June 4, 2007 Q1 2009 Q4 2007
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(unaudited, in millions of Canadian dollars,
unless otherwise noted) $ $
Sales 516.7 3,198.0
Other revenues 57.6 59.3
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574.3 3,257.3
Operating expenses
Cost of goods sold 471.8 2,456.3
General and operating expenses 49.4 653.7
Restructuring charges - 29.3
Amortization 3.9 3.8
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525.1 3,143.1
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Operating income 49.2 114.2
Financing expenses 1.3 75.3
Gain on sale of the retail sales segment - (144.1)
Loss on early debt retirement - 178.9
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Earnings before the following items 47.9 4.1
Share of loss from investments subject to
significant influence 53.4 -
Income taxes 14.7 10.5
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Net loss (20.2) (6.4)
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Loss per share, in dollars
Basic (0.08) (0.02)
Diluted (0.08) (0.02)
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Consolidated statements of comprehensive income 13 weeks
For the periods ended May 31, 2008 and
June 4, 2007 Q1 2009 Q4 2007
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(unaudited, in millions of Canadian dollars) $ $
Net loss (20.2) (6.4)
Other comprehensive income (loss)
Foreign currency translation adjustments 11.5 80.5
Income taxes on the above item - 0.6
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11.5 81.1
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Comprehensive income (loss) (8.7) 74.7
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Consolidated statements of changes in
shareholders' equity 13 weeks
For the periods ended May 31, 2008 and
June 4, 2007 Q1 2009 Q4 2007
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(unaudited, in millions of Canadian dollars) $ $
Capital stock, beginning of period 715.4 789.5
Options exercised - 0.1
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Capital stock, end of period 715.4 789.6
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Contributed surplus, beginning of period 16.7 4.5
Stock-based compensation cost 0.3 0.3
Stock-based compensation from investment
subject to significant influence - Rite Aid 2.7 -
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Contributed surplus, end of period 19.7 4.8
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Retained earnings, beginning of period 930.8 1,333.9
Net loss (20.2) (6.4)
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910.6 1,327.5
Dividends (10.0) (7.8)
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Retained earnings, end of period 900.6 1,319.7
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Accumulated other comprehensive income (loss),
beginning of period (178.8) (177.7)
Foreign currency translation adjustments,
net of income taxes 11.5 81.1
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Accumulated other comprehensive income
(loss), end of period (167.3) (96.6)
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Total shareholders' equity 1,468.4 2,017.5
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Consolidated balance sheets As at As at
May 31, March 1,
2008 2008
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(in millions of Canadian dollars) $ $
(unaudited) (audited)
Assets
Current assets
Accounts receivable 185.6 167.9
Inventories 163.7 154.7
Prepaid expenses 6.5 5.2
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355.8 327.8
Investments 1,106.4 1,143.2
Capital assets 339.5 329.3
Goodwill 34.5 35.3
Other long-term assets 120.7 113.7
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1,956.9 1,949.3
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Liabilities
Current liabilities
Accounts payable and accrued liabilities 214.9 201.7
Income taxes payable 24.8 62.9
Current portion of long-term debt 2.0 2.0
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241.7 266.6
Long-term debt 217.5 169.5
Other long-term liabilities 29.3 29.1
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488.5 465.2
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Shareholders' equity
Capital stock 715.4 715.4
Contributed surplus 19.7 16.7
Retained earnings 900.6 930.8
Accumulated other comprehensive income (loss) (167.3) (178.8)
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733.3 752.0
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1,468.4 1,484.1
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1,956.9 1,949.3
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Consolidated statements of cash flows 13 weeks
For the periods ended May 31, 2008 and
June 4, 2007 Q1 2009 Q4 2007
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(unaudited, in millions of Canadian dollars) $ $
Operating activities
Net loss (20.2) (6.4)
Items not affecting cash
Amortization 5.2 8.5
Gain on sale of the retail sales segment - (144.1)
Write-off of deferred financing fees - 67.9
Share of loss from investments subject to
significant influence 53.4 -
Future income taxes 2.1 (35.5)
Other - 15.4
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40.5 (94.2)
Net changes in non-cash asset and liability items (52.2) 66.9
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Cash flow used in operating activities (11.7) (27.3)
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Investing activities
Proceeds of disposal from the retail sales
segment - 2,450.1
Investments (2.1) (0.2)
Purchase of capital assets (14.3) (19.8)
Proceeds from disposal of capital assets 0.2 5.4
Proceeds from disposal of intangible assets 0.9 -
Other long-term assets (10.8) (0.4)
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Cash flow provided by (used in) investing
activities (26.1) 2,435.1
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Financing activities
Net change in revolving credit facility 48.0 -
Repayment of long-term debt (0.2) (2,380.8)
Issuance of capital stock - 0.2
Dividends (10.0) (7.8)
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Cash flow provided by (used in) financing
activities 37.8 (2,388.4)
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Effect of foreign exchange rate changes on
cash and cash equivalents - (114.5)
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Decrease in cash and cash equivalents - (95.1)
Cash and cash equivalents, beginning of period - 135.8
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Cash and cash equivalents, end of period - 40.7
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Consolidated segmented information
For the periods ended May 31, 2008 and June 4, 2007
(unaudited, in millions of Canadian dollars)
The Company has two reportable segments: franchising and retail sales.
Within the franchising segment, the Company carries on the franchising
activity of the "PJC Jean Coutu" banner, operates two distribution centres
and coordinates several other services for the benefit of its franchisees.
During the fiscal year 2007, the Company also operated in the retail sales
segment through outlets selling pharmaceutical and other products under the
"Brooks" and "Eckerd" banners. On June 4, 2007, the Company sold its
interest in the "Brooks" and "Eckerd" outlets for cash and an equity
interest in Rite Aid Corporation ("Rite Aid"). As a result, the Company's
retail sales segment is represented by the investment in Rite Aid.
The Company analyzes the performance of its operating segments based on
their operating income before amortization, which is not a measure of
performance under Canadian generally accepted accounting principles
("GAAP"). However, management uses this performance measure for assessing
the operating performance of its reportable segments.
Segmented information is summarized as follows: 13 weeks
Q1 2009 Q4 2007
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$ $
Revenues (1)
Franchising 574.3 548.4
Retail sales - 2,708.9
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574.3 3,257.3
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Operating income before amortization
Franchising 54.4 55.7
Retail sales - 63.4
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54.4 119.1
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Amortization
Franchising (2) 5.2 4.9
Retail sales - 82.2
Reversal of amortization of the retail sales
segment in consolidation (3) - (82.2)
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5.2 4.9
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Operating income
Franchising 49.2 50.8
Retail sales - (18.8)
Reversal of amortization of the retail sales
segment in consolidation (3) - 82.2
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49.2 114.2
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(1) Revenues include sales and other revenues.
(2) Including amortization of incentives paid to franchisees.
(3) For the period from August 23, 2006 to June 4, 2007, the Company
ceased amortizing the assets related to its US operations since they
were classified as assets held for sale.
13 weeks
Q1 2009 Q4 2007
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$ $
Share of loss from investments subject to
significant influence
Retail sales (1) 53.4 -
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53.4 -
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Acquisition of capital assets
Franchising 14.3 7.6
Retail sales - 12.2
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14.3 19.8
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As at As at
May 31, March 1,
2008 2008
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$ $
Capital assets and goodwill
Franchising 374.0 364.6
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374.0 364.6
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Total assets
Franchising 906.9 860.0
Retail sales (1) 1,050.0 1,089.3
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1,956.9 1,949.3
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The Company's revenues, capital assets and goodwill as well as total assets
for the geographic areas of Canada and the United States correspond to the
franchising and retail sales segments respectively.
(1) Represents the Company's equity investment in Rite Aid.
Unaudited additional information
For the periods ended May 31, 2008 and June 4, 2007
(In millions of Canadian dollars except for margins)
13 weeks
Q1 2009 Q4 2007
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$ $
Canada
Sales 516.7 492.7
Cost of goods sold 471.8 448.5
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Gross profit 44.9 44.2
As a % of sales 8.7% 9.0%
Other revenues (1) 58.9 56.8
General and operating expenses 49.4 45.3
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Operating income before amortization 54.4 55.7
Amortization (1) 5.2 4.9
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Operating income 49.2 50.8
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(1) Amortization of incentives paid to franchisees is presented in
amortization instead of being applied against other revenues as in the
consolidated financial statements.
Unaudited additional information
For the periods ended May 31, 2008 and June 4, 2007
(In millions of Canadian dollars)
Non-GAAP measures - Operating income before amortization ("OIBA") and OIBA
before restructuring charges
OIBA and OIBA before restructuring charges are not measures of performance
under Canadian generally accepted accounting principles ("GAAP"); however,
management uses those performance measures in assessing the operating and
financial performance of its reportable segments. Besides, we believe that
OIBA and OIBA before restructuring charges are additional measures used by
investors to evaluate operating performance and capacity of a company to
meet its financial obligations.
However, OIBA and OIBA before restructuring charges are not and must not be
used as alternatives to net earnings or cash flow generated by operating
activities as defined by GAAP. OIBA and OIBA before restructuring charges
are not necessarily indications that cash flow will be sufficient to meet
our financial obligations. Furthermore, our definitions of OIBA and OIBA
before restructuring charges may not be necessarily comparative to similar
measures reported by other companies.
Net loss, which is a performance measure defined by GAAP, is reconciled
hereunder with OIBA and OIBA before restructuring charges.
13 weeks
Q1 2009 Q4 2007
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$ $
Net loss (20.2) (6.4)
Financing expenses 1.3 75.3
Gain on sale of the retail sales segment - (144.1)
Loss on early debt retirement - 178.9
Share of loss from investments subject to
significant influence 53.4 -
Income taxes 14.7 10.5
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Operating income 49.2 114.2
Amortization per financial statements 3.9 3.8
Amortization of incentives paid to franchisees (1) 1.3 1.1
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Operating income before amortization ("OIBA") 54.4 119.1
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Restructuring charges - 29.3
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OIBA before restructuring charges 54.4 148.4
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(1) Amortization of incentives paid to franchisees is applied against
other revenues in the consolidated financial statements.
Unaudited additional information
For the periods ended May 31, 2008 and June 4, 2007
(In millions of Canadian dollars except per share amounts)
Non-GAAP measures - Earnings (loss) before specific items or earnings
(loss) per share before specific items
Earnings (loss) before specific items and earnings (loss) per share before
specific items are non-GAAP measures. The Company believes that it is
useful for investors to be aware of significant items of an unusual or non-
recurring nature that have adversely or positively affected its GAAP
measures, and that the above-mentioned non-GAAP measures provide investors
with a measure of performance with which to compare its results between
periods without regard to these items. The Company's measures excluding
certain items have no standardized meaning prescribed by GAAP and are not
necessarily comparable to similar measures presented by other companies and
therefore should not be considered in isolation.
Net loss and loss per share are reconciled hereunder to earnings (loss)
before specific items and earnings (loss) per share before specific items.
All amounts are net of income taxes when applicable.
13 weeks
Q1 2009 Q4 2007
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$ $
Net loss (20.2) (6.4)
Restructuring charges - 17.1
Reversal of amortization of the retail sales
segment in consolidation - (47.9)
Unrealized foreign exchange losses on monetary
items - 10.4
Unrealized losses on derivative financial
instruments - 3.1
Gain on sale of the retail sales segment - (76.2)
Loss on early debt retirement - 125.0
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Earnings (loss) before specific items (20.2) 25.1
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Loss per share (0.08) (0.02)
Restructuring charges - 0.06
Reversal of amortization of the retail sales
segment in consolidation - (0.18)
Unrealized foreign exchange losses on monetary
items - 0.04
Unrealized losses on derivative financial
instruments - 0.01
Gain on sale of the retail sales segment - (0.29)
Loss on early debt retirement - 0.48
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Earnings (loss) per share before specific items (0.08) 0.10
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Contacts:
Source: The Jean Coutu Group (PJC) Inc.
Andre Belzile
Senior Vice-President, Finance and Corporate Affairs
450-646-9760
Information:
Michael Murray
Director, Investor Relations
450-646-9611, Ext. 1068
Helene Bisson
Director, Public Relations
450-646-9611, Ext. 1165
