May 2, 2012 / 12:17 PM / 5 years ago

Loblaw profit falls 22 pct

May 2 (Reuters) - Canada’s largest grocer Loblaw Cos Ltd reported a lower first-quarter profit, hurt in part by higher costs.

Net earnings fell to C$126 million ($128 million), or 45 Canadian cents per share, from C$162 million, or 56 Canadian cents per share, a year earlier.

Revenue rose 0.9 percent to C$6.94 billion.

Sales at the company, majority-owned by George Weston Ltd, rose 0.8 percent to C$6.80 billion. Sales at established locations, a key measure for retailers, fell 0.7 percent.

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