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Press release from Marketwire

The Jean Coutu Group: Third Quarter of Fiscal Year 2014 Results

Thursday, January 09, 2014

The Jean Coutu Group: Third Quarter of Fiscal Year 2014 Results

07:00 EST Thursday, January 09, 2014

LONGUEUIL, QUÉBEC--(Marketwired - Jan. 9, 2014) - The Jean Coutu Group (PJC) Inc. (TSX:PJC.A) (the "Corporation" or the "Jean Coutu Group") reported its financial results today for the quarter ended November 30, 2013.

Summary of results

(Unaudited, in millions of Canadian dollars, except per share amounts)

Third quarter 39-week period
2014 2013 2014 2013
$ $ $ $
Revenues 712.5 716.6 2,047.9 2,056.8
Operating income before amortization ("OIBA") 88.0 85.1 247.0 241.4
Gains related to the investment in Rite Aid - - 212.7 348.0
Net profit 62.5 56.2 379.3 504.7
Per share 0.30 0.26 1.79 2.32
Net profit before gains related to the investment in Rite Aid and change in fair value of other financial assets (1) 62.5 56.2 166.6 157.8
Per share 0.30 0.26 0.79 0.72

(1) See the "Non-IFRS financial measure" section.

Highlights

  • Operating income before amortization ("OIBA") increased by 3.4% for the third quarter of fiscal year 2014, despite the deflationary impact on pharmacy sales of a strong generic drugs penetration.
  • 22,000,000 Class "A" Subordinate Voting Shares were repurchased at a price of $18.50 per share following a substantial issuer bid and a special dividend of $0.50 per share was declared to all Class "A" and "B" shareholders.
  • The Corporation will benefit from a tax deduction for donation to a charitable organization representing a current income tax saving of $53.6 million which will be recognized in the contributed surplus during the fourth quarter of fiscal year 2014.

Financial results

"The results of the third quarter of fiscal 2014 highlight the performance of our organization since the operating income and the profit per share recorded a significant increase in spite of a growingly competitive environment and a restrictive regulatory context" stated Mr. François J. Coutu, President and Chief Executive Officer. "Our priority over the coming months will consist to continue the implementation of dynamic strategic initiatives that will contribute to increase sales, pursue our growth and maintain our leadership."

Revenues

Revenues consist mainly of sales and other revenues derived from franchising activities. Merchandise sales to PJC franchisees made mostly through our distribution centres account for the greater part of our revenues.

Revenues amounted to $712.5 million during the quarter ended November 30, 2013, compared with $716.6 million in the quarter ended December 1, 2012. During the 39-week period of fiscal year 2014, revenues amounted to $2,047.9 million compared with $2,056.8 million in the same period of the previous fiscal year, a decrease of 0.4%. This decrease is attributable to the deflationary impact on revenues of the significant volume increase in prescriptions of generic drugs as well as the price reductions of generic drugs.

OIBA

OIBA increased by $2.9 million to $88.0 million during the quarter ended November 30, 2013 compared with $85.1 million for the quarter ended December 1, 2012. This increase is mainly attributable to a strong operational performance of the generic drugs segment. OIBA as a percentage of revenues ended the third quarter of fiscal year 2014 at 12.4% compared with 11.9% for the same quarter of the previous fiscal year.

For the 39-week period of fiscal year 2014, the Corporation's OIBA increased by $5.6 million amounting to $247.0 million compared with $241.4 million for the same period of fiscal year 2013. As a percentage of revenues, OIBA ended the 39-week period of 2014 at 12.1% compared with 11.7% for the same period of the previous fiscal year.

Pro Doc

Gross sales of Pro Doc drugs, net of intersegment eliminations, amounted to $47.9 million during the quarter ended November 30, 2013, compared with $41.4 million for the quarter ended December 1, 2012. Pro Doc's contribution to the consolidated OIBA amounted to $21.6 million during the quarter ended November 30, 2013, compared with $16.1 million for the quarter ended December 1, 2012. Pro Doc's contribution to the consolidated OIBA as a percentage of gross sales, net of intersegment eliminations, ended the third quarter of fiscal year 2014 at 45.1% compared with 38.9% for the same period of the previous fiscal year.

Gross sales of Pro Doc drugs, net of intersegments eliminations, amounted to $138.2 million during the 39-week period of fiscal year 2014, compared with $117.5 million for the same period of fiscal year 2013. Pro Doc's contribution to the consolidated OIBA amounted to $58.0 million during the 39-week period of fiscal year 2014, compared with $46.7 million for the same period of fiscal year 2013. Pro Doc's contribution to the consolidated OIBA as a percentage of its gross sales, net of intersegment eliminations, ended the 39-week period of fiscal year 2014 at 42.0% compared with 39.7% for the same period of the previous fiscal year.

Gains related to the investment in Rite Aid

During the 39-week period of fiscal year 2014, the Corporation disposed of a total of 178,401,162 common shares of Rite Aid. These shares were sold for a net consideration of $477.9 million. A gain of $212.7 million was reclassified from the condensed consolidated statement of comprehensive income to the condensed consolidated statement of income of the Corporation.

Net profit

Net profit amounted to $62.5 million ($0.30 per share) during the quarter ended November 30, 2013 compared with $56.2 million ($0.26 per share) for the quarter ended December 1, 2012. Basic profit per share would have been $0.33 for the third quarter of fiscal year 2014 excluding for the whole period the shares repurchased in the course of the substantial issuer bid completed in the month of November 2013.

Net profit during the 39-week period of fiscal year 2014 amounted to $379.3 million ($1.79 per share) compared with $504.7 million ($2.32 per share) for the same period of fiscal year 2013. The decrease in net profit is attributable to gains of $212.7 million related to the investment in Rite Aid recognized during the 39-week period ended November 30, 2013 compared with $348.0 million for the same period of fiscal year 2013. Net profit before gains related to the investment in Rite Aid and change in fair value of other financial assets amounted to $166.6 million ($0.79 per share) for the 39-week period of fiscal year 2014 compared with $157.8 million ($0.72 per share) for the same period of the previous fiscal year. Basic profit per share before gains related to the investment in Rite Aid and change in fair value of other financial assets would have been $0.88 for the 39-week period ended November 30, 2013 excluding for the whole period the shares repurchased in the course of the substantial issuer bid and the normal course issuer bid.

Information on the PJC network of franchised stores

The Corporation carries on the franchising activity under the banners of PJC Jean Coutu, PJC Clinique, PJC Jean Coutu Santé and PJC Jean Coutu Santé Beauté, operates two distribution centres and coordinates several other services for the benefit of its franchisees.

During the quarter ended November 30, 2013, on a same-store basis, the PJC network's retail sales decreased by 1.3%, pharmacy sales decreased by 1.6% and front-end sales decreased by 1.3%, compared with the corresponding period last year. Sales of non-prescription drugs, which represented 9.0% of total retail sales, were stable whereas these sales had increased by 2.2% for the corresponding period of fiscal year 2013.

During the 39-week period of fiscal year 2014, on a same-store basis, the PJC network's retail sales decreased by 0.3%, pharmacy sales decreased by 0.7% and front-end sales increased by 0.2% compared with the same period last year. Sales of non-prescription drugs, which represented 8.8% of total retail sales, increased by 1.6% whereas these sales had increased by 2.2% for the same period of fiscal year 2013.

Generic drugs reached 66.7% of prescriptions during the third quarter of fiscal year 2014 compared with 61.8% of prescriptions for the comparable period of the previous fiscal year. The increase in the number of generic drugs prescriptions with lower selling prices than brand name drugs had a deflationary impact on the pharmacy's retail sales. For the third quarter of fiscal year 2014 the introduction of new generic drugs reduced pharmacy's retail sales growth by 1.0% and price reductions of generic drugs also reduced the growth of those sales by 1.0%.

Third quarter 39-week period
Network performance (1) (unaudited) 2014 2013 2014 2013
Retail sales (in millions of dollars) $1,012.7 $1,018.7 $3,002.7 $2,992.5
Retail sales growth (in percentage)
Total stores
Total (0.6 ) % 3.5 % 0.3 % 3.7 %
Pharmacy (0.8 ) % 3.7 % (0.1 ) % 4.2 %
Front-end (0.6 ) % 2.8 % 0.8 % 2.8 %
Same store
Total (1.3 ) % 2.6 % (0.3 ) % 2.8 %
Pharmacy (1.6 ) % 2.7 % (0.7 ) % 3.2 %
Front-end (1.3 ) % 2.0 % 0.2 % 2.1 %
Prescriptions growth (in percentage)
Total stores 4.5 % 5.9 % 4.8 % 6.2 %
Same store 4.0 % 4.8 % 4.2 % 5.1 %
(1) Franchised outlets' retail sales are not included in the Corporation's consolidated financial statements.

PJC network of franchised stores expansion

During the third quarter of fiscal year 2014, there were 4 store openings in the PJC network of franchised stores, including 2 relocations. Also, 6 stores were significantly renovated or expanded.

As of November 30, 2013, total selling square footage of the PJC network amounted to 3,083,000 square feet compared with 3,032,000 square feet as of December 1, 2012.

Issuer bids

On May 1, 2013, the Corporation announced its intention to repurchase for cancelation under a normal course issuer bid, when it is considered advisable, up to 8,917,000 of its outstanding Class "A" Subordinate Voting Shares. For the quarter ended November 30, 2013, the Corporation did not repurchase any Class "A" Subordinate Voting Shares under this share repurchase program.

For the 39-week period ended November 30, 2013, the Corporation repurchased under its normal course issuer bid 3,344,100 Class "A" Subordinate Voting Shares at an average price of $16.71 per share for a total consideration of $55.9 million including related costs. An amount of $37.9 million representing the excess of the purchase price over the carrying value of the repurchased shares was included in retained earnings. The shares repurchased during this period were cancelled during this period.

During the third quarter of fiscal year 2014, the Corporation also repurchased for cancellation 22 million of its Class "A" Subordinate Voting Shares at a price of $18.50 per share for a total consideration, including related costs, of $407.5 million under a substantial issuer bid. An amount of $299.8 million representing the excess of the purchase price over the carrying value of the repurchased shares was included in retained earnings for the 13-week period ended November 30, 2013.

As at November 30, 2013 the total number of Class "A" Subordinate Voting Shares issued was 85.5 million (100.0 million as at March 2, 2013) and the number of class "B" shares was 104.0 million (114.4 million as at March 2, 2013), for a total of 189.5 million shares issued (214.4 million as at March 2, 2013).

Dividends

The Board of the Jean Coutu Group declared a quarterly dividend of $0.085 per share. This dividend will be paid on February 7, 2014, to all holders of Class "A" Subordinate Voting Shares and holders of Class "B" shares listed in the Corporation's shareholder ledger as of January 24, 2014.

Furthermore, a special cash dividend of $0.50 per share was paid on December 2, 2013 to all Class "A" Subordinate Voting Shares and Class "B" shareholders listed in the Corporation's shareholder ledger on November 25, 2013.

Income tax deduction for donation to a charitable organization

On January 8, 2014, the Corporation acquired without consideration a tax deduction for donation to a charitable organization of $199.2 million from a company controlled by Mr. Jean Coutu. The current income tax saving of $53.6 million resulting from this tax deduction will be recognized in contributed surplus during the 13-week period ending March 1, 2014.

Strategies and outlook

With its operations and financial flexibility, the Corporation is very well positioned to capitalize on the growth in the drugstore retail industry. Demographic trends are expected to contribute to the growth in prescription drugs' consumption and to the increased use of pharmaceuticals as the primary intervention in individual healthcare. Management believes that these trends will continue and that the Corporation will maintain its growth in revenues through differentiation and quality of offering and service levels to its network of franchised stores, with a focus on sales growth, its real estate program and operating efficiency. The growth in the number of generic drugs' prescriptions, with lower selling prices than the branded drugs, will however have a deflationary impact on retail sales in the pharmacy section but the volume increase in the generic drugs operating segment will have a positive impact on the consolidated margins.

Conference call

Financial analysts and investors are invited to attend the conference call on the third quarter of fiscal year 2014 financial results to be held on January 9, 2014, at 9:00 AM (ET). The call-in number is 514-861-2255 or toll free at 1-877-405-9213, access code 7153365 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 dialling 514-861-2272 or toll free at 1-800-408-3053 until February 9, 2014. The access code is 1189523 followed by pound sign (#).

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 Corporation using the following link to the www.sedar.com website.

About The Jean Coutu Group

The Jean Coutu Group is one of the most trusted names in Canadian pharmacy retailing. The Corporation operates a network of 413 franchised stores located in the provinces of Québec, New Brunswick and Ontario under the banners of PJC Jean Coutu, PJC Clinique, PJC Santé and PJC Santé Beauté, which employs more than 19,000 people. Furthermore, the Jean Coutu Group owns Pro Doc Ltd ("Pro Doc"), a Québec-based subsidiary and manufacturer of generic drugs.

This press release contains forward-looking statements that involve risks and uncertainties, and which are based on the Corporation's current expectations, estimates, projections and assumptions that were made by the Corporation 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 Corporation'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 Corporation's industry and the Corporation'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", "should", "would", "anticipate", "plan", "foresee", "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Corporation 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 nonrecurring 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 list below of cautionary statements is not exhaustive, some important factors that could affect the Corporation's future operating results, financial position and cash flows and could cause its actual results to differ materially from those expressed in these forward-looking statements are changes in the legislation or the regulatory environment as it relates to the sale of prescription drugs and the pharmacy exercise, the success of the Corporation's business model, changes in laws and regulations, or in their interpretations, changes to tax regulations and accounting pronouncements, the cyclical and seasonal variations in the industry in which the Corporation operates, the intensity of competitive activity in the industry in which the Corporation operates, the supplier and brand reputations, the Corporation's ability to attract and retain pharmacists, labour disruptions, including possibly strikes and labour protests, the accuracy of management's assumptions and other factors that are beyond the Corporation's control. These and other factors could cause the Corporation's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied in those forward-looking statements.

Forward-looking statements are provided for the purpose of assisting in understanding the Corporation's financial position and results of operation and to present information about management's current expectations and plans relating to the future. Investors and others are thus cautioned that such statements may not be appropriate for other purposes and that they should not place undue reliance on them. For more information on the risks, uncertainties and assumptions that would cause the Corporation's actual results to differ from current expectations, please also refer to the Corporation's public filings available at www.sedar.com and www.jeancoutu.com.Further details and descriptions of these and other factors are disclosed in the Corporation's Annual Information Form under "Risk Factors" and also in the "Critical accounting estimates", "Risks and uncertainties" and "Strategies and outlook" sections of the Corporation's annual management's discussion and analysis. The forward-looking statements in this press release reflect the Corporation's expectations as of the date hereof and are subject to change after such date. The Corporation expressly disclaims 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.

THE JEAN COUTU GROUP (PJC) INC.

Condensed consolidated statements of
income
13 weeks 39 weeks
For the periods ended November 30, 2013 and
December 1, 2012
2013 2012 2013 2012
(unaudited, in millions of Canadian dollars, unless otherwise noted) $ $ $ $
Sales 642.3 647.6 1,843.5 1,854.7
Other revenues 70.2 69.0 204.4 202.1
712.5 716.6 2,047.9 2,056.8
Operating expenses
Cost of sales 556.3 569.1 1,602.1 1,632.5
General and operating expenses 68.2 62.4 198.8 182.9
Operating income before depreciation and amortization 88.0 85.1 247.0 241.4
Depreciation and amortization 8.1 7.9 24.1 23.5
Operating income 79.9 77.2 222.9 217.9
Financing expenses (revenus) (1.5 ) 0.1 (1.8 ) 2.1
Profit before the following items 81.4 77.1 224.7 215.8
Gains on sales of investment in Rite Aid - - 212.7 82.8
Unrealized gain related to the investment in Rite Aid - - - 265.2
Profit before income taxes 81.4 77.1 437.4 563.8
Income taxes 18.9 20.9 58.1 59.1
Net profit 62.5 56.2 379.3 504.7
Basic profit per share, in dollars 0.30 0.26 1.79 2.32
Diluted profit per share, in dollars 0.30 0.26 1.79 2.31
Condensed consolidated statements of
comprehensive income
13 weeks 39 weeks
For the periods ended November 30, 2013 and
December 1, 2012
2013 2012 2013 2012
(unaudited, in millions of Canadian dollars) $ $ $ $
Net profit 62.5 56.2 379.3 504.7
Other comprehensive income, net of taxes of nil
Items that will not be reclassified subsequently to net profit:
Defined benefit plans remeasurements - - - 0.1
Items that will be reclassified subsequently to net profit:
Available-for-sale financial asset:
Change in fair value - (32.0 ) 171.9 (87.9 )
Reclassification of gains on sales to net profit - - (212.7 ) -
- (32.0 ) (40.8 ) (87.8 )
Total comprehensive income 62.5 24.2 338.5 416.9

THE JEAN COUTU GROUP (PJC) INC.

Condensed consolidated statements of changes in equity

For the periods ended November 30, 2013 and December 1, 2012
(unaudited, in millions of Canadian dollars)
Capital stock Treasury stock Contributed surplus Investment in Rite Aid Retained earnings Total equity
$ $ $ $ $ $
Balance at March 2, 2013 537.1 (2.2 ) 1.7 40.8 533.4 1,110.8
Net profit - - - - 379.3 379.3
Other comprehensive income - - - (40.8 ) - (40.8 )
Total comprehensive income - - - (40.8 ) 379.3 338.5
Redemption of capital stock (125.7 ) - - - (337.7 ) (463.4 )
Dividends - - - - (148.8 ) (148.8 )
Share-based compensation cost - - 0.7 - - 0.7
Options exercised 8.0 - (0.5 ) - - 7.5
Balance at November 30, 2013 419.4 (2.2 ) 1.9 - 426.2 845.3
Balance at March 3, 2012 559.7 (1.0 ) 1.9 - 88.6 649.2
Net profit - - - - 504.7 504.7
Other comprehensive income - - - (87.9 ) 0.1 (87.8 )
Total comprehensive income - - - (87.9 ) 504.8 416.9
Redemption of capital stock (20.7 ) - - - (37.0 ) (57.7 )
Dividends - - - - (45.8 ) (45.8 )
Share-based compensation cost - - 0.5 - - 0.5
Options exercised 2.2 - (0.3 ) - - 1.9
Balance at December 1, 2012 541.2 (1.0 ) 2.1 (87.9 ) 510.6 965.0

THE JEAN COUTU GROUP (PJC) INC.

Condensed consolidated statements of financial position As at
November 30,
2013
As at
March 2,
2013
(unaudited, in millions of Canadian dollars) $ $
Current assets
Cash and temporary investment 118.8 20.0
Trade and other receivables 229.0 199.6
Inventories 198.5 190.1
Prepaid expenses 5.8 12.2
552.1 421.9
Non-current assets
Long-term receivables from franchisees 23.3 24.9
Investment in Rite Aid - 306.0
Investment in associates and joint venture 11.2 8.3
Property and equipment 360.7 359.5
Investment property 24.4 17.4
Intangible assets 204.1 195.0
Goodwill 36.0 36.0
Deferred tax 11.6 11.2
Other long-term assets 13.8 12.5
Total assets 1,237.2 1,392.7
Current liabilities
Bank overdraft - 21.6
Trade and other payables 240.8 225.2
Special dividend payable 94.7 -
Income taxes payable 38.7 18.5
374.2 265.3
Non-current liabilities
Deferred tax 0.8 0.8
Other long-term liabilities 16.9 15.8
Total liabilities 391.9 281.9
Equity 845.3 1,110.8
Total liabilities and equity 1,237.2 1,392.7

THE JEAN COUTU GROUP (PJC) INC.

Condensed consolidated statements of cash flows 13 weeks 39 weeks
For the periods ended November 30, 2013 and December 1, 2012 2013 2012 2013 2012
(unaudited, in millions of Canadian dollars) $ $ $ $
Operating activities
Net profit 62.5 56.2 379.3 504.7
Adjustments:
Depreciation and amortization 8.1 7.9 24.1 23.5
Change in fair value of other financial assets - - - 1.1
Gains on sales of investment in Rite Aid - - (212.7 ) (82.8 )
Unrealized gain related to the investment in Rite Aid - - - (265.2 )
Interest expense (income) (1.8 ) 0.1 (3.4 ) 0.7
Income taxes 18.9 20.9 58.1 59.1
Others 0.7 1.7 1.4 3.6
88.4 86.8 246.8 244.7
Net change in non-cash asset and liability items 12.7 (0.8 ) (14.2 ) (18.1 )
Interest received (paid) 1.8 (0.1 ) 2.8 (0.8 )
Income taxes refund (paid) 0.2 (13.4 ) (38.3 ) (59.1 )
Cash flow related to operating activities 103.1 72.5 197.1 166.7
Investing activities
Receipts from other financial assets - - - 17.9
Proceeds from disposal of the investment in Rite Aid - - 477.9 82.8
Investment in an associate (1.4 ) (2.7 ) (2.7 ) (2.7 )
Purchase of property and equipment (15.3 ) (6.8 ) (24.5 ) (16.6 )
Proceeds from disposal of property and equipment - - 1.6 1.1
Purchase of investment property - - (0.2 ) (0.1 )
Proceeds from disposal of investment property - 3.0 0.6 3.6
Net change in long-term receivables from franchisees 0.7 0.6 0.1 (0.8 )
Purchase of intangible assets (6.7 ) (3.3 ) (17.3 ) (16.1 )
Cash flow related to investing activities (22.7 ) (9.2 ) 435.5 69.1
Financing activities
Net change in revolving credit facility - (35.0 ) - (149.8 )
Financing fees (0.3 ) (0.3 ) (0.3 ) (0.3 )
Issuance of capital stock 0.7 0.6 7.5 1.9
Redemption of capital stock (407.5 ) (18.8 ) (465.3 ) (55.8 )
Dividends paid (17.9 ) (15.2 ) (54.1 ) (45.8 )
Cash flow related to financing activities (425.0 ) (68.7 ) (512.2 ) (249.8 )
Net change in cash and cash equivalents (344.6 ) (5.4 ) 120.4 (14.0 )
Cash and cash equivalents, beginning of period 463.4 (13.6 ) (1.6 ) (5.0 )
Cash and cash equivalents, end of period 118.8 (19.0 ) 118.8 (19.0 )

THE JEAN COUTU GROUP (PJC) INC.

Unaudited additional informations

For the periods ended November 30, 2013 and December 1, 2012
(in millions of Canadian dollars, except per share amounts)

Non-IFRS financial measure

Net profit (or net profit per share) before gains related to the investment in Rite Aid and change in fair value of other financial assets is a non-IFRS measure. The Corporation 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 the IFRS measures applied by the Corporation, and that the above-mentioned non-IFRS measure provides investors with a performance measure to compare the results between periods with no regards to these items. The Corporation's measure excluding certain items has no standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other corporations. Therefore, it should not be considered in isolation.

Net profit and basic profit per share are reconciled hereunder to net profit (or net profit per share) before gains related to the investment in Rite Aid and change in fair value of other financial assets. All amounts are net of income taxes when applicable.

13 weeks 39 weeks
2013 2012 2013 2012
$ $ $ $
Net profit (1) 62.5 56.2 379.3 504.7
Gains on sales of investment in Rite Aid - - (212.7 ) (82.8 )
Unrealized gain related to the investment in Rite Aid - - - (265.2 )
Change in fair value of third party asset-backed commercial paper and related options of repayment - - - 1.1
Net profit before gains related to the investment in Rite Aid and change in fair value of other financial assets 62.5 56.2 166.6 157.8
Basic profit per share 0.30 0.26 1.79 2.32
Gains on sales of investment in Rite Aid - - (1.00 ) (0.38 )
Unrealized gain related to the investment in Rite Aid - - - (1.22 )
Change in fair value of third party asset-backed commercial paper and related options of repayment - - - -
Net profit per share before gains related to the investment in Rite Aid and change in fair value of other financial assets 0.30 0.26 0.79 0.72
(1) Readers are referred to Note 3 of the Corporation's unaudited interim Consolidated Financial Statements for the third quarter of fiscal year 2014 for explanations of the changes in accounting policies affecting fiscal year 2013.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Source:
The Jean Coutu Group (PJC) Inc.
Andre Belzile
Senior Vice-President, Finance and Corporate Affairs
(450) 646-9760


Information:
Helene Bisson
Vice-President, Communications
(450) 646-9611, Ext. 1165

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