Loblaw Companies Ltd. reported a 10 per cent increase in its adjusted profits for its first quarter on Wednesday, as the company emphasized sales growth in drug stores amid mounting criticism that it is profiting from food inflation.
a slight decline in food retail marginsRevenue for the 12-week period totalled nearly $13 billion, up from nearly $12.3 billion a year earlier. Food retail same-stores sales were up 3.1 per cent, while drug retail same-store sales increased by 7.4 per cent.
For the full-year 2023, the company said it “continues to expect its retail business to grow earnings faster than sales.” The retailer also said it raised its dividend 10 per cent as it reported a profit available to common shareholders of $418 million for its first quarter. The parent company of Loblaws and Shoppers Drug Mart says it will now pay a quarterly dividend of 44.6 cents per share, up from 40.5 cents per share.
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