BRAMPTON, Ont. - Canada's largest grocery business, Loblaw Companies Ltd., is reporting a 57 per cent jump in fourth-quarter profit.
The company, based in Brampton, Ont., says the increase in its net income for common shareholders was partly due to operational improvements and partly due to special items in both years.
Revenue for the quarter was $11.13 billion of revenue, up $265 million or 2.4 per cent -- with most of the increase coming from the retail segment that includes various grocery stores banners and Shoppers Drug Mart.
Loblaw said the timing of New Year's Day this year helped boost same-store sales in both the food and drug retail operations.
The food retail segment, excluding revenue from gasoline sales, saw same-store sales rise 1.1 per cent and same-store sales at Shoppers was up 3.4 per cent -- reflecting sales growth at locations open at least a year.
Loblaw (TSX:L) had a $201 million net profit in the fourth quarter, or 50 cents per common share -- up $73 million from a year earlier.
