Loblaw's Price Investments Boost 1st-Quarter Sales

Lower prices helped Loblaw Cos. here boost sales during its fiscal first quarter, but accompanying lower margins along with restructuring costs related to employee severance and other cost-cutting measures led to a net earnings decline of 61.4% for the quarter, which ended March 24, the company here said. Sales of $5.8 billion (U.S.) increased 3.3% for the 12-week quarter, with same-store

TORONTO β€” Lower prices helped Loblaw Cos. here boost sales during its fiscal first quarter, but accompanying lower margins β€” along with restructuring costs related to employee severance and other cost-cutting measures β€” led to a net earnings decline of 61.4% for the quarter, which ended March 24, the company here said.

Sales of $5.8 billion (U.S.) increased 3.3% for the 12-week quarter, with same-store sales increasing by 4%. Net earnings totaled $48.8 million.

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