Loblaw reported a profit of $418 million in its first quarter, down from $437 million last year when the company saw a one-time gain from a court ruling. Revenue for the 12-week period totalled nearly $13 billion, up from nearly $12.3 billion a year earlier.
“We did not pass the full amount of cost inflation to customers, leading to food gross margin declines yet again this quarter.” PepsiCo Inc., the company behind products like Tropicana orange juice and Lay’s chips, increased prices 16 per cent in its latest quarter, helping boost its profit by 18 per cent, it said last month.
Loblaw raised its dividend 10 per cent as it reported its first quarter earnings, saying it will now pay a quarterly dividend of 44.6 cents per share, up from 40.5 cents per share.
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