Loblaw Companies (L) reported strong second-quarter profits due to rising sales at its
drugstores and discount grocery stores.
Toronto-based Loblaw, which is Canada's largest grocery and pharmacy chain, said its net
income in the second quarter amounted to $387 million, or $1.16 per share, which is a 3.2%
increase from $375 million, or $1.09 per share, a year earlier.
Revenues in the quarter amounted to $12.85 billion, an increase of $356 million or 3%, from
$12.49 billion a year ago.
Food same-store sales grew 0.9% while pharmacy same-store sales rose 5.6% in Q2.
Loblaw stock is up 14% this year and trading at $117.09 per share.
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