Loblaw Companies reports revenue up 2.3%

Loblaw Companies Ltd. reported a third-quarter profit of $331 million as revenue rose 2.3%, helped by higher sales at its Shoppers Drug Mart stores.

The drug store and grocery retailer says the profit amounted to 90 cents per share for the 16-week period ended Oct. 5. That compared with a profit of $106 million or 28 cents per share in the same quarter last year.

Revenue totalled nearly $14.66 billion, up from nearly $14.32 billion a year ago.

Food retail same-store sales were up 0.1%, however Loblaw says excluding the unfavourable impact of the timing of Thanksgiving food same-store sales were up 1%. Drug store same-store sales were up 4.1%.

On an adjusted basis, Loblaw reported a profit from continuing operations of $458 million or $1.25 per share. That compared with an adjusted profit from continuing operations of $466 million or $1.24 per share in the same quarter last year when the company had more shares outstanding.

Analysts on average had expected a profit of $1.24 share and $14.57 billion in revenue, according to financial markets data firm Refinitiv.