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Jean Coutu Group posts 2.2% boost in Q2 revenue

BY Michael Johnsen

LONGUEUIL, Quebec The Jean Coutu Group on Tuesday reported revenues of $611.4 million, up 2.2%, for its second quarter ended Aug. 28.

"We are satisfied with the excellent results of the second quarter and first half of fiscal year 2011,” stated Francois Coutu, JCG president and CEO. “By maintaining the pace of our expansion projects and implementing our business plan, we achieved the objectives we had set,” he said. "[However], we are still awaiting a decision from Quebec’s Minister of Health and Social Services concerning the Government of Quebec’s intention to reduce the price of generic drugs as announced last June 25."

No share of loss in Rite Aid was accounted in the company’s earnings during the second quarter, though there was a $23.9 million loss reported during the second quarter of the previous fiscal year, the company stated.

During the fiscal year ended Feb. 27, the company’s share of loss in Rite Aid exceeded the carrying value of its investment. As required by Canadian GAAP, Jean Coutu Group reduced the carrying value of its investment down to zero and ceased recording its share of loss in Rite Aid exceeding the carrying value of its investment.

 

For the 13-week period ended Aug. 28, Jean Coutu Group’s unrecognized share of loss in Rite Aid amounted to $54.5 million. Jean Coutu’s total unrecognized share of loss in Rite Aid is $161.1 million, and the market value of equity interest in Rite Aid was $224.3 million.

 

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Safeway kicks off 10th annual breast cancer awareness initiative

BY Allison Cerra

PLEASANTON, Calif. Safeway kicked off its annual breast cancer awareness initiative for the 10th year in a row, and thanked customers for donating nearly $80 million for the cause since 2001.

Each October, Safeway’s 1,700-plus stores in the United States and Canada collect donations for breast cancer research and treatment.

“Medical science in the fight against breast cancer has come a long way in the past decade. We’re glad that we could be a part of the evolution and honored that our efforts have helped save lives,” said Larree Renda, Safeway EVP and chair of the Safeway Foundation. “The encouraging research results and the utilization of services to aid in early detection are proof of the power of partnerships between businesses and medical science.”

Safeway’s breast cancer awareness fundraiser is the second of two annual cancer campaigns. Each June, Safeway raises money to combat prostate cancer, one of the most prevalent forms of cancer in men. To date, the company has raised more than $144 million for cancer causes.

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Romance lives on with three new Blu-ray films

BY Allison Cerra

BURBANK, Calif. Warner Home Video is feeling the love.

A trio of romantic films from Warner Home Video will be available on Blu-ray Feb. 1, 2011, including "10," "Pleasantville" and "You’ve Got Mail," all for a suggested retail price of $19.98 each.

"10," which stars Dudley Moore, Julie Andrews and Bo Derek, is a comedy that follows Moore’s pursuit of a beautiful woman (Derek), despite having it all. "Pleasantville" stars Tobey Maguire and Reese Witherspoon as two teens zapped into a black-and-white 1950s sitcom who then realize the importance of a bold and colorful world. And "You’ve Got Mail" stars Tom Hanks and Meg Ryan, who fall in love over the Internet while also being business rivals in the real world.

Each film includes special features, from theatrical trailers to guest commentaries. The Blu-ray editions of the films will be available nationwide wherever videos are sold.

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