February 20, 2014 / 11:54 AM / 4 years ago

Canadian grocer Loblaw's profit falls 9 pct

Feb 20 (Reuters) - Loblaw Cos Ltd, Canada’s largest grocer, reported a 9 percent drop in quarterly net profit due to a rise in interest expenses, and the company warned that the industry will remain “extremely competitive” in the first half of 2014.

Net income fell to C$127 million ($115 million), or 45 Canadian cents per basic share, from C$139 million, or 49 Canadian cents per basic share, a year earlier.

The company, which is buying Shoppers Drug Mart Corp in a C$12.4 billion deal, said total revenue rose 2.3 percent to C$7.64 billion.

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