Revenue for the 12\u002Dweek period totalled $13.7 billion, up from $12.8 billion a year earlier.
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Net earnings were “unusually elevated” because of a prior-year charge at President’s Choice Bank, Loblaw said in a press release, noting that adjusted net earnings were up 10.6 per cent.Food retail same-stores sales were up 6.1 per cent, while drug retail same-store sales increased by 5.7 per cent.Article content
However, it added that retail gross margin declined slightly in both the food and drug categories, saying it faced double-digit supplier cost increases that were not fully passed on to consumers.
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