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Jean Coutu Group profit misses consensus by 17.9% in fiscal Q1

Jean Coutu Group (PJC) Inc. said its normalized net income for the fiscal first quarter ended May 31 amounted to 25 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 30 cents per share.

EPS increased 13.1% year over year from 22 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$46.4 million, compared with C$46.5 million in the first quarter ended June 1, 2013.

The normalized profit margin dropped to 7.0% from 7.1% in the year-earlier period.

Total revenue came to C$664.5 million, compared with C$658.4 million in the year-earlier period, and total operating expenses climbed from the prior-year period to C$590.5 million from C$584.6 million.

Reported net income decreased 49.8% from the prior-year period to C$54.9 million, or 29 cents per share, from C$109.3 million, or 51 cents per share.