Loblaw Companies Ltd. reports Q3 profit and revenue up from year ago

Loblaw Companies Ltd. reported its third-quarter profit rose about 30 per cent compared with a year ago.

The grocery and drugstore retailer says its net earnings available to common shareholders totalled $556 million or $1.69 per diluted share for the quarter ended Oct. 8. The result was up from $431 million or $1.27 per diluted share in the same quarter last year.

Revenue totalled $17.39 billion, up from $16.05 billion in its third quarter of 2021.

Food retail same-stores sales rose 6.9 per cent, while drug store same-store sales added 7.7 per cent.

On an adjusted basis, Loblaw says it earned $2.01 per diluted share, up from an adjusted profit of $1.59 per diluted share a year ago.

Analysts on average had expected a profit of $1.96 per share and $16.85 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 16, 2022.