Loblaw boosts dividend as profit falls

Wed Nov 14, 2012 8:11am EST
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(Reuters) - Loblaw Cos Ltd (L.TO: Quote), Canada's biggest food retailer, raised its dividend on Wednesday even as it reported lower quarterly profit and same-store sales.

The company, majority owned by George Weston Ltd (WN.TO: Quote), said net earnings fell to C$222 million ($222 million), or 77 Canadian cents a share, from C$236 million, or 83 Canadian cents, a year earlier.

Revenue rose 1.0 percent to C$9.83 billion, and sales at established stores, a key measure for retailers, fell 0.2 percent.

($1 = $1.00 Canadian) (Reporting by Allison Martell)