Loblaw Q1 Profit Rises

Loblaw Companies Limited (L.TO) reported that its first-quarter net earnings available to common shareholders were C$313 million, an increase of C$73 million or 30.4% from the prior year. Net earnings per share were C$0.90, an increase of $0.24, or 36.4% from the previous year.

Adjusted net earnings per share were C$1.13. This represented an increase of C$0.16, or 16.5% when compared to the first quarter of 2020.

Revenue for the quarter was C$11.87 billion, an increase of 0.6% from last year.
The company's e-commerce sales increased 133% compared to the first quarter of 2020.

Analysts polled by Thomson Reuters expected the company to report earnings of C$0.87 per share and revenues of C$11.72 billion for the quarter. Analysts' estimates typically exclude special items.

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