Jean Coutu feels tax hit from court ruling, first Quarter profit falls
LONGUEUIL, Que. – The Jean Coutu Group (PJC) Inc. ( TSX:PJC.A) had a $50.6-million net profit in the quarter ended May 30, a 6.5 per cent decline from the same time last year due to a tax provision resulting from a recent judgment by Quebec's highest court. The pharmacy company's profit for the 13 weeks ended May 30 amounted to 27 cents per share and compared with $54.1 million or 29 cents per share in last year's fiscal first quarter. The Quebec Court of Appeal reversed a lower court judgment in favour of the corporation related to a suit for rectification of books and records. Jean Coutu said it's seeking permission to appeal at the Supreme Court of Canada.