English     |     Español     |     Français
Exporting to Canada - Experts in trade for developing countries - TFO Canada
HIDE
  
Sign In or Register
Username:     Password:
 
Remember me   Forgot password?
Not a member? Register here
Not a member? Register here    
Home > About TFO Canada > News

Trade News

Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Loblaw抯 profit beats expectations as Shoppers Drug Mart boosts pharmacy sales

Thursday, November 13, 2014 > 09:46:03
Print


(Financial Post)

Loblaw Companies Ltd, Canada’s largest grocer, reported a better-than-expected quarterly profit, boosted by strong pharmacy sales at its recently acquired Shoppers Drug Mart business.

Loblaw, majority-owned by George Weston Ltd, bought Shoppers Drug Mart Corp last year to better compete against the expanding Canadian businesses of U.S.-based rivals such as Wal-Mart Stores Inc and Target Corp.

Same-store front sales grew 2.5% at Shoppers Drug Mart in the third quarter ending Oct. 4 from a year earlier, higher than Loblaw’s overall 1.6% growth.

Loblaw’s revenue increased 36% to $13.6 billion. Shoppers Drug Mart contributed a quarter of that.

The merger saved Loblaw about $44 million in the quarter, but it incurred $46 million in costs related to restructuring and reorganization.

Net earnings fell to $142 million from $150 million.

Adjusted basic net earnings was 90 cents per share.

Analysts on average had expected a profit of 87 cents on revenue of $13.60 billion, according to Thomson Reuters I/B/E/S.

Brampton, Ontario-based Loblaw’s stock has risen about 37% this year up to Tuesday’s close.


Contact TFO Canada
Meet Our Supporters
TFO Canada
130 Slater Street
Suite 1025
Ottawa, Ontario
CANADA   K1P 6E2
T 1.613.233.3925
F 1.613.233.7860
Canada Toll-Free:
1.800.267.9674
 
© TFO Canada   |   Sitemap   |   Terms & Conditions   |   Privacy Policy   |   Contact Us