Wednesday, May 4, 2022

Loblaws profits up

Loblaws profits jumped from $313 million last year to $437 million for its first quarter this year.

The company said it increased food prices faster than inflation and revenues increased by 3.3 per cent to $12.3 billion.

It said there has been a shift from its higher-price supermarkets to its No Frills banner.

Same-store supermarket sales increased by 2.1 per cent and Shoppers Drug Mart sales by 5.2 per cent. Prescription sales and cosmetics sales were stronger than last year.

Loblaw increased its quarterly dividend to 40.5 cents per common share, up from 36.5 cents, its 11th consecutive annual increase.