Loblaw beats Q2 earnings estimates on sustained demand for essentials
on Wednesday beat Wall Street expectations for second-quarter revenue and profit, helped by sustained demand for groceries and drugs and higher prices.
Retailers in Canada have banked on robust demand for essentials such as groceries despite stubbornly high pricing, after pushed consumers to curb spending on non-essential goods. Loblaw has also benefited from steady drug retail sales as customers prioritizing health and wellness boosted demand for cold and cough medicines as well as beauty products.BIV: New digital shopping experience at Loblaws
The company’s revenue rose 6.9% to $13.74 billion in the quarter ended June 17, compared with analysts’ average estimate of $13.63 billion, according to Refinitiv data.Story continues below advertisement Net income attributable to the company rose by 31.3% to $508 million. On an adjusted basis, Loblaw’s earnings per share was $1.94, compared with analysts’ average estimate of $1.91.
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