Loblaw reports fourth-quarter profit and revenue up from year ago
BRAMPTON, Ont. — Loblaw Companies Ltd. reported its fourth-quarter profit and revenue rose compared with a year ago, boosted in part by an extra week in the quarter.
The grocery and drugstore retailer says it earned net income available to common shareholders of $345 million or 98 cents per diluted share for the 13-week period ended Jan. 2.
The result compared with a profit of $254 million or 70 cents per diluted share for the 12-week period ended Dec. 28, 2019.
Revenue totalled $13.29 billion, up from $11.59 billion.
On an adjusted basis, Loblaw says it earned $1.26 per diluted share for its most recent quarter, up from an adjusted profit of $1.09 per diluted share a year earlier.
Analysts on average had expected an adjusted profit of $1.25 per share, according to financial data firm Refinitiv.
This report by The Canadian Press was first published Feb. 25, 2021.
Companies in this story: (TSX:L.TO)
Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.
