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Company News

Canada's Loblaw reports higher quarterly profit

Feb 21 (Reuters) - Canadian grocery and pharmacy chain Loblaw Cos Ltd reported a seven-fold rise in quarterly profit on Thursday from a year earlier, when it had recorded a C$230 million charge.

Net profit available to shareholders rose to C$221 million ($168 million), or 59 Canadian cents per share, in the fourth quarter ended Dec.31, from C$31 million, or 8 Canadian cents per share, a year earlier.

Revenue rose to C$11.22 billion from C$10.99 billion.

$1 = 1.3189 Canadian dollars Reporting by Shradha Singh in Bengaluru; Editing by Shailesh Kuber

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