Canadian grocer Loblaw's adjusted profit rises 4 pct

Wed Apr 30, 2014 6:39am EDT
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April 30 (Reuters) - Loblaw Cos Ltd, Canada's largest grocer, reported a 4 percent rise in quarterly adjusted profit as same-store sales rose.

Net income fell to C$103 million ($93 million), or 37 Canadian cents per basic share for the quarter ended Mar. 22, from C$171 million, or 61 Canadian cents per basic share, a year earlier.

The company, which completed the C$12.4 billion acquisition of Shoppers Drug Mart Corp in the first quarter, said total revenue rose 1.2 percent to C$7.29 billion. ($1 = 1.0966 Canadian Dollars) (Reporting by Ashutosh Pandey in Bangalore)