Loblaw Companies reports profit of $508 million in second quarter

Loblaw Companies Ltd. reported a profit available to common shareholders of $508 million for its second quarter, an increase of 31.3% from the same period last year.

The parent company of Loblaws and Shoppers Drug Mart reported its profit amounted to $1.58 per diluted share for the quarter ended June 17, an increase from $1.16 per diluted share in the same quarter last year.

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

Food retail same-stores sales were up 6.1%, while drug retail same-store sales increased by 5.7%.

The company says food retail sales growth was driven by a continued consumer shift to discount stores.

On adjusted basis, Loblaw says it earned $1.94 per diluted share in its latest quarter, up from an adjusted profit of $1.69 per diluted share a year ago.