Loblaw Companies Ltd. sees increase in profits in first-quarter, in an April 29, 2020 story. (File photo by THE CANADIAN PRESS)

Loblaw reports Q1 profit and sales up as customers stockpiled supplies

BRAMPTON, Ont. — Loblaw Companies Ltd. reported its first-quarter profit rose compared with a year ago as shoppers stockpiled supplies due to the pandemic, however it said costs also rose as it ramped up spending to protect its workers and customers.

The company, which owns Loblaws grocery stores and the Shoppers Drug Mart chain, says it earned a profit attributable to common shareholders of $240 million or 66 cents per share for the 12-week period ended March 21.

That compared with a profit of $198 million or 53 cents per share in the same quarter last year.

Revenue totalled $11.8 billion, up from nearly $10.7 billion in the first quarter of 2019.

Food retail same-stores sales rose 9.6 per cent, while drug retail same-store sales climbed 10.7 per cent as pharmacy same-store sales rose 10.6 per cent and front store same-store sales gained 10.7 per cent.

On an adjusted basis, Loblaw says it earned $352 million or 97 cents per share, up from $290 million or 78 cents per share a year earlier.

This report by The Canadian Press was first published April 29, 2020.

Business

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Every Albertan eligible for COVID-19 testing

22 new cases confirmed on Friday

Alberta-registered truck elicits a note of kindness in British Columbia

There have been multiple reports online of vandalism to vehicles with Alberta licence plates

Red Deer’s small fitness facilities limbering up for reopening

Al Parada has done everything in his power to stay busy. But… Continue reading

COVID-19 leaving its mark on office designs

Office designs encouraging more physical distancing could become the norm

WATCH: Central Albertans applaud efforts of Golden Circle staff, volunteers

Central Albertans thanked the Golden Circle Senior Resource Centre’s staff and volunteers… Continue reading

Police need more than an unverified tip to avoid drug-case entrapment: top court

Police need more than an unverified tip to avoid drug-case entrapment: top court

N.S. police received warnings in 2011 about man who would become mass killer

N.S. police received warnings in 2011 about man who would become mass killer

Want a mask with your Big Mac? Alberta handing out masks at drive-thrus

Want a mask with your Big Mac? Alberta handing out masks at drive-thrus

Another $650M in COVID-19 aid bound for Indigenous communities, Miller says

Another $650M in COVID-19 aid bound for Indigenous communities, Miller says

Large cruise ships barred from Canadian waters until end of October: Garneau

Large cruise ships barred from Canadian waters until end of October: Garneau

Canada exploring ways to reunite families divided by COVID-19 border closure

Canada exploring ways to reunite families divided by COVID-19 border closure

More COVID-19 tests, masks announced in some provinces as economy flails

More COVID-19 tests, masks announced in some provinces as economy flails

Students decry tuition hikes as COVID-19 pandemic increases financial strain

Students decry tuition hikes as COVID-19 pandemic increases financial strain

Most Read