TORONTO — Loblaw here on Wednesday said net earnings improved 40.2% in the first quarter as customers responded to improvements in assortment and service.
Revenues for the period ended March 23 totaled $7.1 billion (U.S.), an increase of 3.8%, with same-store sales growing by 2.8%. Net earnings totaled $169 million, helped in part by amendments to employee benefit plans recorded in the quarter. Loblaw also posted increases in operating margin and EBITDA margin.
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“Our fresh-led, customer-focused strategy is delivering results,” Galen G. Weston, Loblaw’s executive chairman, said in a statement. “The first quarter showed continued evidence of momentum in our core business. Greater assortment and an improved in-store experience are resonating with customers, translating into same-store sales growth and positive trends in tonnage and market share. These trends were seen across the country and across our banners.”
Stock in Loblaw was up by nearly 5% on the Toronto Exchange Wednesday, exceeding a 52-week high.
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