TORONTO — Loblaw Companies Ltd. says its third-quarter profit was up 19.8 per cent from the same time last year, on higher retail sales and food prices.
The grocer said Wednesday that profit rose to $236 million or 83 cents per share in the three month period, compared to $197 milion or 70 cents per share a year earlier.
Revenue at the country's largest grocery company was also up, growing two per cent to $9.7 billion in the 16 weeks ended Oct. 8.
Loblaw says it benefited from improved retail sales and financial services revenue. In addition to the grocery business, Loblaw owns President's Choice Financial as well as the Joe Fresh clothing chain.
The company's profit was bolstered by improved operating income, lower interest expenses and a lower tax rate.
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