Loblaw’s revenue rose 6.9% to $13.74-billion in the quarter ended June 17, compared with analysts’ average estimate of $13.63-billion
on Wednesday beat Wall Street expectations for second-quarter revenue and profit, helped by sustained demand for groceries and drugs and higher prices.
Retailers in Canada have banked on robust demand for essentials such as groceries despite stubbornly high pricing, after inflation pushed consumers to curb spending on non-essential goods. Loblaw has also benefited from steady drug retail sales as customers prioritizing health and wellness boosted demand for cold and cough medicines as well as beauty products.The company’s revenue rose 6.9 per cent to $13.74-billion in the quarter ended June 17, compared with analysts’ average estimate of $13.
Net income attributable to the company rose by 31.3 per cent to $508-million. On an adjusted basis, Loblaw’s earnings per share was $1.94, compared with analysts’ average estimate of $1.91.Checking box will enable automatic data updates.
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