Canada's Loblaw beats revenue estimates on robust grocery demand
Reuters
Published Jul 28, 2021 06:37AM ET
Updated Jul 28, 2021 06:52AM ET
(Reuters) -Canadian retailer Loblaw Cos Ltd beat market estimates for quarterly revenue on Wednesday, as consumer demand for groceries and other essentials stayed robust during the COVID-19 pandemic.
Loblaw has performed strongly over the past year as coronavirus-led lockdowns prompted stuck-at-home customers to stock up groceries and other essentials.
The company said it expects the resurgence in COVID-19 cases, which has triggered fresh lockdowns and strict distancing measures in several parts of Canada, to continue to boost its grocery sales.
Net earnings available to common shareholders rose to C$375 million, or C$1.09 per share, for the quarter ended June 19 from C$169 million, or 47 Canadian cents per share, a year earlier.
Loblaw's revenue increased to C$12.49 billion ($9.94 billion) in the second quarter from C$11.96 billion a year earlier, surpassing analysts' estimates of C$12.16 billion, according to IBES data from Refinitiv.
($1 = 1.2569 Canadian dollars)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.