July 25, 2008 / 12:16 PM / in 10 years

Loblaw reports higher profit

OTTAWA (Reuters) - Loblaw Companies Ltd (L.TO), Canada’s biggest supermarket chain, reported an 18 percent rise in second-quarter profit on Friday, on smaller restructuring charges and a 1.5 percent increase in sales.

    Profit increased to C$140 million ($138.6 million), or 51 Canadian cents a share, in the period ended June 14, from earnings of C$119 million, or 43 Canadian cents a share, in the same period last year.

    Excluding one-time items, the company said profit declined from the year-prior period.

    ($1=$1.01 Canadian)

    Reporting by Susan Taylor

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