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Jean Coutu posts higher profit

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Canadian pharmacy chain Jean Coutu Group Inc. (PJC.A-T) posted on Thursday a higher quarterly profit, beating market estimates, as new store openings drove results.

Earnings for the fourth quarter ended February 26 rose to $46.4 million, or 20 cents a share, from $42.8 million, or 18 cents a share.

Analysts on average were looking for earnings of 19 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 3 percent to $655.6 million, trailing the average analyst estimate of $657.9 million.

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