Canada’s largest grocer has reported billions of dollars in revenue during the pandemic
A shopper enters a Loblaws grocery story in Toronto on April 30, 2019. Canada's largest grocer reported nearly $12 billion in revenue in the second quarter of 2020.
BRAMPTON, Ont. — Loblaw Companies Ltd. says its net income plunged in the second quarter despite surging revenues because of costs related to theCanada’s largest grocer says its earnings attributable to shareholders fell 41 per cent to $169 million or 47 cents per diluted share from $286 million or 77 cents per share a year earlier.Excluding one-time items, adjusted profits were $266 million or 74 cents per share, compared with $373 million or $1.01 per share in the prior year.
Revenues for the three months ended June 13 increased 7.4 per cent to nearly $12 billion, from $11.1 billion in the second quarter of 2019. Loblaw was expected to report 71 cents per share in adjusted earnings on $11.9 billion in revenues, according to financial markets data firm Refinitiv.
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