April 30, 2008 / 11:12 AM / 10 years ago

Loblaw posts bigger first-quarter profit

TORONTO (Reuters) - First-quarter profit at Loblaw Cos Ltd (L.TO) increased 14.8 percent, Canada’s biggest grocer said on Wednesday, due in part to higher sales volumes.

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 in this May 4, 2006 file photo. REUTERS/J.P. Moczulski

Loblaw, which unveiled a major management shuffle last week, said net income grew to C$62 million ($61.5 million), or 23 Canadian cents a share in the period ended March 22, up from a profit of C$54 million, or 20 Canadian cents a share, in the same period last year.

($1=$1.01 Canadian)

Reporting by John McCrank; Editing by Scott Anderson

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