BRAMPTON, Ontario — Loblaw Cos. on Wednesday revised its yearly earnings projections upward after reporting sales and earnings increases for the fiscal second quarter.
“We are pleased with our progress this quarter. The investments we have made to advance our customer proposition once again translated into improved same-store sales performance in an intense competitive environment,” Galen Weston, executive chairman of Loblaw, said in a statement. “At the same time, better mix and good expense management delivered improved earnings.”
For the 12-week second quarter, which ended June 15, Loblaw reported sales of $7.3 billion (U.S.), a 2% increase from the same period last year, and a same-store sales improvement of 1.1%. Net earnings in the quarter improved by 14.1% to $173 million (U.S.).
The results prompted Loblaw to revise its annual outlook upward. The company said it is now expecting “mid-single digit” improvement in operating income for the year, up from prior calls for a low-single digit growth. Operating income in the second quarter improved by 11%.
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