UPDATE 1-Canadian grocer Loblaw profit falls due to later Thanksgiving

Wed Nov 13, 2013 7:58am EST
 
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* Third-quarter profit C$0.73 per share vs est C$0.80

* Says profit hurt by later Thanksgiving, higher investments

* Same-store sales up 0.4 pct

* Revenue up 2 percent

* Cuts full year earnings outlook

Nov 13 (Reuters) - Loblaw Cos Ltd, Canada's largest grocer, reported a 29 percent fall in quarterly profit, hurt by a later Thanksgiving holiday and a decline in sales at its drugstores.

The Thanksgiving holiday in Canada fell on Oct. 14 this year, nine days after the company's third quarter ended.

The holiday was on Oct. 8 last year, just two days after the quarter ended, meaning the company got some benefit from shopping ahead of the holiday.

Loblaw cut its full-year earnings outlook due to higher-than-expected investments in store expansions and certain food categories as competition intensifies.   Continued...