Feb 23 Canadian grocery and pharmacy retailer
Loblaw Cos Ltd reported a 57 percent rise in quarterly
profit, boosted by lower expenses in its retail business and
Loblaw, which sells everything from grocery to wireless
mobile products, forecast 2017 capital expenditure to be at
about C$1.3 billion ($989.27 million), slightly higher than the
C$1.2 billion it spent in 2016.
The company's revenue rose 2.4 percent to C$11.13 billion in
the fourth quarter, beating the average analyst estimate of
C$10.98 billion, according to Thomson Reuters I/B/E/S.
Sales in the retail busines, the company's biggest, rose 2.3
percent to C$10.8 billion.
Net earnings available to common shareholders increased to
C$201 million, or 50 Canadian cents per share, in the fourth
quarter, from C$128 million, or 31 Canadian cents per share, a
On an adjusted basis the company earned 97 Canadian cents
per share, in line with estimates.
($1 = C$1.31)
(Reporting by Komal Khettry in Bengaluru; Editing by Maju