Loblaw hikes dividend profit falls but revenue up

first_img Twitter Loblaw reported profit attributable to common shareholders of $198 million or 53 cents per share.National Post What you need to know about passing the family cottage to the next generation advertisement BRAMPTON, Ont. — Loblaw Companies Ltd. raised its dividend as it reported a first-quarter profit fell compared with a year ago.The grocery and drugstore retailer says it will now pay a quarterly dividend of 31.5 cents per share, up from 29.5 cents per share.The increased payment to shareholders came as Loblaw reported profit attributable to common shareholders of $198 million or 53 cents per share. That compared with a profit of $377 million or 98 cents per share a year ago.Revenue totalled $10.66 billion, up from $10.34 billion, as its food retail business saw same-store sales growth of 2.0 per cent. Its drugstore same-store sales growth, which includes its Shoppers Drug Mart business, was 2.2 per cent as pharmacy same-store sales growth was 1.2 per cent and front store same-store sales growth was 3.1 per cent.On an adjusted basis, Loblaw says it earned a profit from continuing operations attributable to common shareholders of 78 cents per share, down from 81 cents in the same quarter last year.Excluding an accounting change related to its leases and a change related to the spin-out of the company’s stake in Choice Properties, Loblaw says it earned an adjusted profit of 84 cents per share in its most recent quarter.Related Stories:Walgreens third-quarter profit falls 23.6%Kinder Morgan Declares $0.25 Per Share Dividend and Announces Results for Second Quarter of 2019CORRECTED-UPDATE 2-Accenture’s fall in bookings dampens upbeat quarterly profit, forecast“We are pleased with the quarter, our continued strong operational performance, and our strategic momentum,” executive chairman Galen G. Weston said in a statement.“We are gaining traction on our key priorities and accelerating investments to deliver long-term value to customers and shareholders.”Companies in this story: (TSX:L) Share this storyLoblaw hikes dividend; profit falls but revenue up Tumblr Pinterest Google+ LinkedIn Loblaw hikes dividend; profit falls but revenue up Revenue rises with grocery sales up 2%, drugstore sales up 2.2% Reddit Sponsored By: Comment Morecenter_img The Canadian Press Join the conversation → Email Facebook 2 Comments ← Previous Next → Recommended For YouU.S. FDA approves Karyopharm Therapeutics’ blood cancer drugOntario Cannabis Store pulls affected CannTrust products amid Health Canada probeUPDATE 2-FDA approves expanded label for Regeneron/Sanofi’s DupixentTrump pick for Fed seat says doesn’t want to pull rug from under market -CNBCAP Explains: US sanctions on Huawei bite, but who gets hurt? May 1, 20197:10 AM EDTLast UpdatedMay 1, 20197:23 AM EDT Filed under News Retail & Marketing Featured Storieslast_img read more