Loblaw Companies reports $418M Q1 profit, raises quarterly dividend 10%

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The parent company of Loblaws and Shoppers Drug Mart says it will now pay a quarterly dividend of 44.6 cents per share, up from 40.5 cents per share.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.

Revenue for the 12-week period totalled nearly $13 billion, up from nearly $12.3 billion a year earlier. Food retail same-stores sales were up 3.1 per cent, while drug retail same-store sales increased by 7.4 per cent. On adjusted basis, Loblaw says it earned $1.55 per diluted share in its latest quarter, up from an adjusted profit of $1.36 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $1.55 per share and $13.2 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

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