Canadian supermarket giant Loblaw said today (24 July) earnings climbed in the first half and that it sees stronger-than-anticipated growth for the full year.
In the six months ended 15 June, earnings were up 25.5% to C$349m (US$339.4m). That compared to a profit of C$278m last year.
Loblaw said the increase in earnings was primarily due to a 19.3% increase in operating income to C$631m, partially offset by an increase in the company’s effective income tax rate.
Sales were up 2.9% to C$14.72bn. Same-store sales were up 1.9%.
Loblaw said improvements from the successful execution of its strategy in the first half should result in mid-single digit growth in operating income for the full year, up from an earlier outlook of modest, low-single digit growth.