Metro posts Q2 results, appoints new president of the Jean Coutu Group
On April 17, 2019 Metro announced its results for Q2, posting a sales of $3,701.6 million, an increase of 27.7 percent and up 4 percent when excluding the Jean Coutu Group. The company also announced the retirement of François J. Coutu, President of the Jean Coutu Group Inc., its pharmacy division. Coutu will retire effective May 31. Mr. Alain Champagne will succeed him as President of the Jean Coutu Group.
“We delivered solid second quarter results, with strong same-store sales growth across our network. We are pleased with the progress of the integration of the Jean Coutu Group, reaching run-rate annualized synergies of $50 million as we approach the first anniversary of the acquisition. We continue to invest in our store network, as well as in our distribution and technology projects, and we are confident in our ability to deliver long-term growth,” said Eric R. La Flèche, Metro’s President and CEO.
“I would like to congratulate François for his very significant contribution to the success of the Jean Coutu Group since 1983, and I am pleased to be able to continue to work with him as a member of our Board of Directors,” La Flèche said. “I am pleased to welcome Alain to our team. We are confident Alain will be very successful as the leader of our pharmacy division given his extensive experience in the pharmacy and retail sectors as well as his proven ability to deliver results,” he said.
“Having devoted most of my professional life to the Jean Coutu Group and seeing how the combination with Metro is now well on track to ensure its sustainability over time, I have decided to retire knowing I’m leaving in place a great brand, a strong business model and an excellent team,” Coutu said. He will remain a pharmacist owner in the company’s network, with three pharmacies under the Jean Coutu banner.
Champagne will be responsible for completing the combination of the Jean Coutu Group with Metro while ensuring the development of the division. “I am delighted to join Metro to lead its pharmacy division. I look forward to contributing to the division’s growth trajectory by leveraging its strong brands, PJC and Brunet, its committed pharmacist-owners and the best team in the industry,” Champagne said.