Grocer Loblaw's profit rises 14 percent as sales increase

Wed Jul 24, 2013 6:15am EDT
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July 24 (Reuters) - Loblaw Cos Ltd, Canada's largest food retailer, reported a 14 percent increase in second-quarter profit as sales improved.

The retailer, which is buying Shoppers Drug Mart Corp in a C$12.4 billion deal, said net income rose to C$178 million ($173 million), or 63 Canadian cents per share, from C$156 million, or 55 Canadian cents per share, a year earlier.

Revenue at the company, majority-owned by George Weston Ltd , rose 2 percent to C$7.52 billion.

Sales at established stores, a key measure for retailers, rose 1 percent.