Loblaw's profit more than doubles

Thu Feb 26, 2015 6:50am EST
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(Reuters) - Canada's largest grocer Loblaw Cos Ltd's (L.TO: Quote) quarterly profit more than doubled, mainly due to higher sales in its retail business and the acquisition of Shoppers Drug Mart.

The company's net income rose to C$247 million ($198.7 million), or 60 Canadian cents per share, in the fourth quarter ended Jan. 3 from C$114 million, or 41 Canadian cents per share, a year earlier.

Excluding items, Loblaw earned 96 Canadian cents per share.

Revenue rose 49.4 percent to C$11.41 billion.

(Reporting by Anet Josline Pinto in Bengaluru; Editing by Kirti Pandey)

A Loblaws store is pictured in Ottawa February 24, 2011.  REUTERS/Chris Wattie