Canada grocer Loblaw's revenue rises on Shoppers Drug Mart buy
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)
© Thomson Reuters 2016 All rights reserved.