TORONTO — Canada's largest grocery business delivered stronger than expected results in the final quarter of last year and anticipates its food business will grow despite a decline in prices.
Loblaw Companies Ltd. reported a $201-million net profit or 50 cents per common share in its fourth quarter of 2016 — up 57 per cent from the year before — partly due to operational improvements and special items in both years. The company lowered prices during the quarter, mostly for produce, meat and baked goods, Galen G. Weston, chair and CEO, said during a conference call.
"Customers are responding to those lower prices," he said, adding it's premature to say whether that trend will continue.
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