Loblaw Companies reports profit of $508 million in second quarter

BRAMPTON, Ont. –

Loblaw Companies Ltd. reported a revenue obtainable to widespread shareholders of $508 million for its second quarter, a rise of 31.3 per cent from the identical interval final yr.

The mum or dad firm of Loblaws and Shoppers Drug Mart reported its revenue amounted to $1.58 per diluted share for the quarter ended June 17, a rise from $1.16 per diluted share in the identical quarter final yr.

Revenue for the 12-week interval totalled $13.7 billion, up from $12.8 billion a yr earlier.

Food retail same-stores gross sales had been up 6.1 per cent, whereas drug retail same-store gross sales elevated by 5.7 per cent.

The firm says meals retail gross sales development was pushed by a continued shopper shift to low cost shops.

On adjusted foundation, Loblaw says it earned $1.94 per diluted share in its newest quarter, up from an adjusted revenue of $1.69 per diluted share a yr in the past.

This report by The Canadian Press was first revealed July 26, 2023.