Jean Coutu Q1 Net Profit Drops 77%

Canadian Jean Coutu Group

reported a 77% drop in its first-quarter profit. Jean Coutu's quarterly net profit declined to C$108.6 million ($102.9 million), or 51 Canadian cents a share, versus C$397.3 million, or C$1.81 a share, in the year-ago period. Jean Coutu shares closed at $16.91 yesterday.