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

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.

Loblaw's Chairman Galen Weston (L) gathers his notes as President John A. Lederer (R) walks to the podium to address the annual general meeting of the grocer's shareholders in Toronto, May 4, 2006. REUTERS/J.P. Moczulski

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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