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Company News

REFILE-Canada's Loblaw quarterly sales jump 11% as consumers stockpiled

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April 29 (Reuters) - Canadian retailer Loblaw Cos Ltd reported a 10.7% rise in quarterly revenue on Wednesday, as consumers spent more on essentials at its pharmacies and food stores amid the coronavirus-led lockdown.

Loblaw’s revenue rose to C$11.80 billion ($8.46 billion), in the first quarter ended March 21, from C$10.66 billion a year earlier.

Earlier this month, Loblaw withdrew bit.ly/2xWfZu9 its outlook for 2020 while it had earlier called for positive same-store sales and adjusted profit growth. ($1 = 1.3945 Canadian dollars) (Reporting by Praveen Paramasivam in Bengaluru; Editing by Shailesh Kuber)

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