Grocery retailer Loblaw Cos Ltd. (TSX:L) beat estimates for quarterly revenue helped by strong consumer demand for groceries and other essential items during the ongoing pandemic.
The Toronto-based company also said that demand for back-to-school and Thanksgiving shopping in October was robust, signaling a return to pre-pandemic routines.
Loblaw reported that its revenue rose to $16.05 billion in the third quarter from $15.67 billion a year earlier, surpassing analyst estimates of $15.89 billion, according to data from Refinitiv.
Net earnings available to common shareholders rose to $431 million, or $1.27 per share, in the three months ended October 9, from $342 million, or $0.96 per share, a year earlier.
Retail sales in Canada have been strong since August thanks to the easing of pandemic restrictions in several parts of the country, which had included in-store capacity limits and a temporary ban on the sale of discretionary goods.
