Thursday, July 28, 2022

Loblaws sales, profits are up

Loblaws reports that sales and profits were up.

It is Canada’s largest supermarket and drug store owner.

Adjusted profit was $566-million,up from $464-million in the second quarter last year.

Revenues were $12.85-billion, an increase of $356-million.

Owner Galen Weston said merchandise sales were a drag on revenues, but he feels good about the company’s inventory controls so there won’t be many fire sales of items such as Joe Fresh clothing.