November 16, 2016 / 1:32 PM / in 2 years

UPDATE 1-Canadian retailer Loblaw reports better-than-expected profit

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Nov 16 (Reuters) - Canadian grocery and pharmacy retailer Loblaw Cos Ltd reported a better-than-expected quarterly profit on Wednesday, as expenses fell and discounting attracted more shoppers.

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.

$1 = 1.3495 Canadian dollars Reporting by John Benny in Bengaluru; Editing by Martina D'Couto and Sai Sachin Ravikumar

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