Loblaw says it earned a profit of $529 million in its latest quarter as its revenue rose nearly 10% compared with a year ago.
“Consumers responded favourably to those efforts and continued to benefit from our extensive private label offering, leading loyalty program and targeted promotions.”
Revenue totalled $14.0 billion, up from $12.8 billion in the fourth quarter of 2021. The increase in revenue came as food retail same-store sales gained 8.4 per cent, while drug retail same-store sales rose 8.7 per cent..On an adjusted basis, Loblaw says it earned $1.76 per diluted share in its latest quarter, compared with an adjusted profit of $1.52 per diluted share a year earlier.
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