Loblaw boosts dividend as profit falls
(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)
© Thomson Reuters 2013 All rights reserved.