Loblaws sales for the first quarter increased by 37.8 per
cent to $10.05 billion, propelled by its purchase last year of the Shoppers
Drug Mart chain.
Profits increased by 21.7 per cent to $146 million.
President Galen Weston said during a conference call that
the decline in the value of the Canadian dollar is pushing food prices higher.
It’s a message familiar to farmers who watch prices for
inputs and for livestock and grains fluctuate with the changing relationship
between the Canadian and U.S. dollars.
