Canadian retail giant Loblaw has booked an increase in first-quarter profit and reiterated its full-year outlook, despite increasing competition.
In the three months to the end of March, net profit climbed to C$171m (US$169.6m), a 40.2% increase on last year. Loblaw said part of the gain was related to amendments to its defined benefit pension plan.
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Operating profit in the period increased 29.3% to C$309m, while net sales were up 3.7% to C$7.20bn.
“The company’s outlook for 2013 remains unchanged,” the retailer said. “Sales growth in 2013 will be moderated by a competitive environment characterised by ongoing square footage expansions, a new competitor’s entry into the market and generic drug deflation. As a result, the company continues to expect modest growth in operating income in 2013.”
