Canadian supermarket group Loblaw has said profits fell during the third quarter as one-time items weighed on the bottom line.
Loblaw’s net income fell by 5.9% to C$222m (US$222m) after charges including C$29m related to its ongoing IT and supply chain overhaul. Excluding exceptional items, earnings would have increased by 1.1%, the group emphasised.
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Overall revenue at the retailer grew by 1% in the period, climbing to C$9.8bn from C$9.7bn, while like-for-like sales dropped 0.2%.
Commenting on the group’s performance, executive chairman Galen Weston said the group had positioned itself for long-term success.
“Targeted investments in the customer proposition are delivering clear results, the infrastructure program remains on track, and planned efficiencies are beginning to come through,” he said.
Loblaw said that it is raising its third-quarter dividend by almost 5% to $0.22 a share. Weston said that the move reflects the board’s “confidence” that “management’s long-term strategy will build shareholder value over time”.
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