Thursday, May 7, 2015

Loblaws sales and profits soar

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.