Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Loblaw Second-Quarter Profit Rises on Clothing Sales

Don't Miss Out —
Follow us on:

July 24 (Bloomberg) -- Loblaw Cos., Canada’s largest food retailer, reported second-quarter profit that topped analysts’ estimates on higher grocery and clothing sales.

Net income rose 14 percent to C$178 million ($173 million), or 63 cents a share, from C$156 million, or 55 cents, a year earlier, the Brampton, Ontario-based company said today in a statement. Loblaw was expected to earn 60 cents a share, based on analysts’ estimates compiled by Bloomberg.

Loblaw, which agreed this month to buy Shoppers Drug Mart Corp., Canada’s biggest pharmacy chain, said it expects “mid-single” digit operating income growth for 2013.

Sales rose 2 percent to C$7.52 billion, below analyst estimates of C$7.58 billion. Loblaw has 12 buys and four holds, according to Bloomberg data.

Loblaw rose 1.9 percent to C$48.87 at 12:03 pm in Toronto. The stock has risen almost 17 percent this year.

President Vicente Trius told analysts on a conference call that the Canadian grocery environment is growing increasingly competitive due to the expansion of Wal-Mart Stores Inc. and Target Corp. across the country. He said the grocer plans to open six new locations in Quebec by the end of 2014 and expand its “inspire” store format used in the former Maple Leaf Gardens arena in Toronto.

To contact the reporter on this story: Lauren S Murphy in Toronto at lmurphy48@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.