Loblaw Posts Sharp Profit Decline

Aggressive price investments hacked deeply into profits at Loblaw here during the fiscal third quarter, the retailer said last week. The pricing actions sparked an overall sales increase of 1.4% and comparable-store increases of 2.8%, but helped to send operating income down by 37.8%, EBITDA by 16.1% and earnings per share by 45.9% during the 16-week quarter that ended Oct. 7. Adjusted earnings

TORONTO — Aggressive price investments hacked deeply into profits at Loblaw here during the fiscal third quarter, the retailer said last week.

The pricing actions sparked an overall sales increase of 1.4% and comparable-store increases of 2.8%, but helped to send operating income down by 37.8%, EBITDA by 16.1% and earnings per share by 45.9% during the 16-week quarter that ended Oct. 7. Adjusted earnings of 56 Canadian cents per share were far below analyst expectations of 77 c

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