Loblaw profit falls on restructuring charge

Thu Feb 21, 2013 6:46am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Feb 21 (Reuters) - Loblaw Cos Ltd, Canada's largest grocer, posted an 18 percent fall in fourth-quarter profit on a restructuring charge.

Net earnings fell to C$143 million ($141 million), or 48 Canadian cents per share, from C$174 million, or 60 Canadian cents per share, a year earlier.

Sales at the company, majority-owned by George Weston Ltd , rose marginally to C$7.47 billion.

Loblaw said in October that it planned to cut about 700 head office and administrative jobs.

The company said on Thursday it took a related C$61 million restructuring charge in the fourth quarter.