Loblaw's Q2 profit up from a year ago amid higher customer traffic

Loblaw Companies Ltd. reported its second-quarter profit rose compared with a year ago as the company says customer traffic, basket size and item count all increased year-over-year.

The parent company of Loblaws and Shoppers Drug Mart says its net earnings available to common shareholders amounted to $714 million or $2.37 per diluted share for the quarter ended June 14.

The result was up from a profit of $457 million or $1.48 per diluted share in the second quarter of 2024.

On an adjusted basis, Loblaw says it earned $2.40 per diluted share in its latest quarter, up from an adjusted profit of $2.15 per diluted share a year earlier.

Revenue for the quarter totalled $14.7 billion, up from $13.9 billion, as food retail same-store sales rose by 3.5%.

Drug retail same-store sales rose 4.1%, with pharmacy and health care services same-store sales up 6.2%, and front store same-store sales increasing 1.7%.