Wednesday, November 16, 2016

Loblaw profit up by 25.5 per cent

Despite complaints about increasing competition, Loblaw Companies Ltd. posted a profit of $512 million in its most recent quarter, 25.5 per cent more than the same quarter last year.

Revenues increased by 1.4 per cent to $14.14 billion.

Loblaws is Canada’s largest supermarket chain and owns Shoppers Drug Mart chain.

It has been pressuring suppliers to cut prices because it says it’s facing more competition from Wal-Mart, Costco and others.