Loblaw Companies reports Q3 profit up from year ago, revenue also higher

Bruce Winder, retail analyst of Bruce Winder Retail, talks with us about the company Lowblaw is willing to eliminate exclusivity clauses.

BRAMPTON, Ont. — The retailer, which includes Loblaws grocery stores and Shoppers Drug Mart, says its net earnings available to common shareholders totalled $777 million or $2.53 for the quarter ended Oct. 5. The result compared with a profit of $621 million or $1.95 per diluted share in the same quarter last year.Same-store sales at its food stores were up 0.5 per cent. After excluding the unfavourable impact of the timing of Thanksgiving, the company says food store same-store sales were up about 1.3 per cent.

Drug retail same-store sales were up 2.9 per cent as pharmacy and health-care services same-store sales rose 6.3 per cent, but front store same-store sales fell 0.5 per cent. On an adjusted basis, Loblaw says it earned $2.50 per diluted share in its latest quarter compared with an adjusted profit of $2.26 per diluted share in the same quarter last year.

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