Canada grocer Loblaw's revenue rises on Shoppers Drug Mart buy

Thu Jul 24, 2014 6:58am EDT
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July 24 (Reuters) - Loblaw Cos Ltd, Canada's largest grocer, reported a 37 percent rise in quarterly revenue, helped by sales from recently acquired Shoppers Drug Mart.

However, Loblaw posted a net loss of C$456 million ($425.5 million), or C$1.13 per basic share, for the second quarter compared with a net income of C$177 million, or 63 Canadian cents per basic share, a year earlier, mainly due to costs related to the acquisition.

Excluding items, Loblaw earned 75 Canadian cents per basic share in the quarter ended June 14.

Revenue rose to C$10.31 billion from C$7.52 billion.

Loblaw is majority-owned by George Weston Ltd. ($1 = 1.07 Canadian dollars) (Reporting by Sneha Banerjee in Bangalore; Editing by Kirti Pandey)