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May 3, 2002

CANADA: Loblaw says Q1 profits rise 36%

Canadian grocery store Loblaw said this week the Q1 profits rose by 36%. The group said it earned C$126m (US$80.8m) or C$0.46 per share, up from C$93m or C$0.34 per share in the year-ago period. Sales meanwhile rose 9% to C$4.95bn from C$4.55bn, while same-store sales showed a 5% improvement.

Canadian grocery store Loblaw said this week the Q1 profits rose by 36%.

The group said it earned C$126m (US$80.8m) or C$0.46 per share, up from C$93m or C$0.34 per share in the year-ago period.

Sales meanwhile rose 9% to C$4.95bn from C$4.55bn, while same-store sales showed a 5% improvement.

The group was given a shot in the arm by its 14 new store openings and cost-cutting measures.

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