CANADA: Cautious Loblaw sees profits lift 26%
By: just-food.com | 4 May 2010
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Spending on IT and supply chain set to hit Loblaw income |
Canadian retailer Loblaw warned today (4 May) that its operating performance will come under increasing pressure as the year progresses despite posting a jump in first-quarter profits.
The company said that net profit for the three months to the end of March increased to C$137m (US$133.9m), up from $109m in the first quarter of last year.
Sales were boosted by the group's acquisition of T&T Supermarkets, rising 3.1% to C$6.9bn, the company said.
However, Loblaw warned that investments in a new information technology platform and logistics would likely weigh on its profits during the year.
"Our major investment in information technology and supply chain will now start to ramp up," executive chairman, Galen Weston Jr., said. "As previously announced, we expect these investments to negatively impact 2010 operating income.”
Sectors: Financials, Retail
Companies: Loblaw
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