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

BRAMPTON, Ont. –

Loblaw Companies Ltd. raised its dividend 10 per cent because it reported a revenue accessible to widespread shareholders of $418 million for its first quarter.

The mum or dad firm of Loblaws and Shoppers Drug Mart says it can now pay a quarterly dividend of 44.6 cents per share, up from 40.5 cents per share.

The improve for shareholders got here as Loblaw reported its revenue amounted to $1.29 per diluted share for the quarter ended March 25, down from $437 million or $1.30 per diluted share in the identical quarter final yr when the corporate noticed a one-time acquire from a beneficial courtroom ruling.

Revenue for the 12-week interval totalled practically $13 billion, up from practically $12.3 billion a yr earlier. Food retail same-stores gross sales had been up 3.1 per cent, whereas drug retail same-store gross sales elevated by 7.4 per cent.

On adjusted foundation, Loblaw says it earned $1.55 per diluted share in its newest quarter, up from an adjusted revenue of $1.36 per diluted share a yr in the past.

Analysts on common had anticipated an adjusted revenue of $1.55 per share and $13.2 billion in income, based on estimates compiled by monetary markets knowledge agency Refinitiv.

This report by The Canadian Press was first printed May 3, 2023