Loblaw revenue up 2.3 per cent on $331-million profit

Photo: The Canadian Press

Loblaw Companies Ltd. reported a third-quarter profit of $331 million as revenue rose 2.3 per cent, helped by higher sales at its Shoppers Drug Mart stores.

The drug store and grocery retailer says the profit amounted to 90 cents per share for the 16-week period ended Oct. 5. That compared with a profit of $106 million or 28 cents per share in the same quarter last year.

Revenue totalled nearly $14.66 billion, up from nearly $14.32 billion a year ago.

Food retail same-store sales were up 0.1 per cent, however Loblaw says excluding the unfavourable impact of the timing of Thanksgiving food same-store sales were up 1.0 per cent. Drug store same-store sales were up 4.1 per cent.

On an adjusted basis, Loblaw reported a profit from continuing operations of $458 million or $1.25 per share. That compared with an adjusted profit from continuing operations of $466 million or $1.24 per share in the same quarter last year when the company had more shares outstanding.

Analysts on average had expected a profit of $1.24 share and $14.57 billion in revenue, according to financial markets data firm Refinitiv.