November 16, 2016 / 12:02 PM / in a year

Loblaw reports better-than-expected profit

(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.

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

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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