February 23, 2017 / 12:28 PM / in 9 months

Canadian retailer Loblaw's quarterly profit rises 57 percent

(Reuters) - Canadian grocery and pharmacy retailer Loblaw Cos Ltd (L.TO) reported a 57 percent rise in quarterly profit, boosted by lower expenses in its retail business and discounting.

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

Loblaw, which sells everything from grocery to wireless mobile products, forecast 2017 capital expenditure to be at about C$1.3 billion ($989.27 million), slightly higher than the C$1.2 billion it spent in 2016.

The company’s revenue rose 2.4 percent to C$11.13 billion in the fourth quarter, beating the average analyst estimate of C$10.98 billion, according to Thomson Reuters I/B/E/S.

Sales in the retail busines, the company’s biggest, rose 2.3 percent to C$10.8 billion.

Net earnings available to common shareholders increased to C$201 million, or 50 Canadian cents per share, in the fourth quarter, from C$128 million, or 31 Canadian cents per share, a year earlier.

On an adjusted basis the company earned 97 Canadian cents per share, in line with estimates.

($1 = C$1.31)

Reporting by Komal Khettry in Bengaluru; Editing by Maju Samuel

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