Canadian grocery retailer Loblaw has posted higher third-quarter earnings and sales and said it expects its good performance to continue into 2005.
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The company reported net earnings of C$258m (US$217.3m), or 94 cents per share, for the third quarter of 2004, compared to $218m, or 79 cents per share, in the year-ago period. Sales for the quarter increased 6.0% to $8.1bn from $7.7bn in the corresponding period of 2003. Same-store sales improved 1.5%.
National food price inflation for the quarter, which was in excess of 1%, remained low and was slightly ahead of that in the same quarter last year. Consistent with 2003, national food price inflation for the quarter consisted of cost increases in the grocery and bakery categories partially offset by a decrease in produce prices.
Loblaw said it expects continued good sales and net earnings growth for the remaining quarter of 2004, after adjusting for the impact of the 53rd week in 2003.
“We expect this trend to continue into 2005. Loblaw is continuing to add substantial new retail square footage into the marketplace supporting the good progress that is being made on the rollout of the general merchandise programme,” Loblaw said.
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