Jean Coutu Group sees 256 percent in revenue growth due to Eckerd integration

Drug store chain The Jean Coutu Group Inc. reported its second quarter 2004-2005 financial results yesterday. For the first time, these quarterly results include the operations of Eckerd drugstores for the full 13 weeks ended Nov. 27, 2004. As a result, revenues grew by 256 percent during the second quarter. "The Jean Coutu Group made good progress this quarter. We are pleased with the growth of our existing operations while the integration of the Eckerd drugstore network is on schedule," said Francois J. Coutu, president and CEO, in a statement. "The second quarter results of our Canadian and American operations were satisfactory. We completed the first full quarter of operations of the Eckerd drugstores while having to bear the costs of running several head office infrastructures during the integration. The Brooks-Eckerd network is now in operational and selling mode. We are now in a position to begin to capture the Eckerd integration cost savings while we continue to improve the performance of our U.S. network of drugstores. At the same time we will continue to build on the strong base of our Canadian network."