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, 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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