Canadian grocer Loblaw posts 29 pct fall in profit

Wed Nov 13, 2013 6:20am EST
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Nov 13 (Reuters) - Loblaw Co Ltd, Canada's largest grocer, reported a 29 percent fall in quarterly net profit as sales in its retail business, which includes drugstores and its Joe Fresh apparel brand, rose just 1.5 percent.

Third-quarter net income fell to C$154 million ($147 million), or 55 Canadian cents per share, from C$217 million, or 77 Canadian cents per 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 percent to C$10.01 billion.

Loblaw is also involved in financial services and property leasing.