Canadian retail giant Loblaw has booked a drop in full-year profit as restructuring charges hit earnings.

In the 12 months ended 29 December, net profit slid 15.5% to C$650m (US$857.8m), the company reported today (21 February). Operating profit was down 14.2% to C$1.2m.

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Net sales, however, edged up 1.3% in the period to reach C$31.6m.

“2012 was a pivotal year for Loblaw, improving the customer proposition, driving the infrastructure program, and reducing costs,” said executive chairman Galen Weston.

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