Price Cuts Sink 3Q Earnings for Loblaw

Loblaw stock traded down around 13% Thursday after the retailer said aggressive price investments hacked deeply into quarterly profits.

TORONTO — Loblaw stock traded down around 13% Thursday after the retailer here said aggressive price investments hacked deeply into quarterly profits. Lower prices, particularly at Loblaw’s discount and Real Canadian Superstore banners, sparked a 2.8% comparable-store sales gain, but helped to send operating income down by 37.8%, EBITDA falling by 16.1% and earnings per share tumbling 45.9% during the 16-week third quarter ending Oct. 7. Adjusted earnings of 43 Canadian cents per share were f

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