November 16, 2016 / 12:02 PM / 2 years ago

Loblaw reports better-than-expected profit

People walk by a Loblaw Companies Limited grocery store with a Joe Fresh clothing store inside, on the day of the annual general meeting of shareholders in Toronto, May 2, 2013. REUTERS/Mark Blinch

(Reuters) - Canadian grocery and pharmacy retailer Loblaw Cos Ltd (L.TO) reported a better-than-expected quarterly profit on Wednesday, as expenses fell and discounting attracted more shoppers.

Profit at Loblaw’s main retail unit was helped by lower selling, general and administrative costs and an increase in same-store sales in the quarter, the company said.

“We lowered prices and consumers responded,” Executive Chairman Galen Weston said in a statement.

Loblaw, which sells everything from grocery to wireless mobile products, said revenue climbed 1.4 percent to C$14.14 billion in the third quarter ended Oct. 8, edging past the average analyst estimate of C$14.12 billion, according to Thomson Reuters I/B/E/S.

The company’s adjusted net earnings attributable to shareholders rose to C$512 million or C$1.26 per share, from C$408 million, or 98 Canadian cents per share a year earlier.

Analysts on average had expected a profit of C$1.12 per share.

Reporting by John Benny in Bengaluru; Editing by Martina D'Couto and Sai Sachin Ravikumar

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