Loblaw Companies Ltd. reports Q3 profit up from year ago, revenue grows

TORONTO — Loblaw Companies Ltd. (TSX:L) reported an increase in its third-quarter profit compared with a year ago, helped by improved sales and lower restructuring charges.

The corporate parent of the Loblaws grocery chain and Shoppers Drug Mart says it earned $419 million attributable to common shareholders or $1.03 per diluted share in the quarter.

That's compared with a profit of $166 million or 40 cents per share in the same quarter last year.

Excluding restructuring and other one-time charges, Loblaw says it earned $512 million or $1.26 per share for the quarter, up from $408 million or 98 cents per share last year.

For the 16 weeks ended Oct. 8, the company reported $14.14 billion in revenue compared with nearly $13.95 billion in the same quarter in 2015.

Same-store sales at its grocery stores improved 1.4 per cent, excluding gas bar sales.

Shoppers Drug Mart same-store sales gained 2.8 per cent as same-store pharmacy sales increased 1.6 per cent and same-store front store sales grew 3.9 per cent.

The Canadian Press