Loblaw Companies Ltd. made even more money in its third quarter this year compared to last year, according to its latest financial update. The compan…
Loblaw Companies Ltd. made even more money in its third quarter this year compared to last year, according to its latest financial update. on Wednesday, revealing that its net earnings available to common shareholders were $777 million for the quarter that ended on October 5.According to the report, the company's revenue for the quarter was $18.54 billion, up from $18.27 billion last year.
Loblaw says several factors affected its boost in profits and revenue. First off, a Federal Court of Appeal decision reversed a charge related to a previous President's Choice Bank commodity tax matter, positively impacting net earnings by $125 million."Drug front store sales reflected continued strength in the beauty category but were pressured by the Company's exit from certain low margin electronics categories and lower customer spend on convenience items," reads the report.
"Pharmacy and healthcare services revenue increased due to ongoing strength in acute and chronic prescriptions." "Food sales growth reflected the ongoing strength of the Company's Maxi and NoFrills hard discount stores, and its growing selection of multicultural foods across its banners, anchored by strong performance in theFood retail sales increased by 0.5 per cent compared to 4.5 per cent last year, while drug retail sales increased by 2.9 per cent compared to 4.6 per cent last year.
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