(Brampton) Loblaw increased its dividend by 10% after reporting earnings available to common shareholders of $418 million in its first quarter of the current fiscal year.

The company, which owns the Maxi, Provigo and Pharmaprix banners in Quebec, specifies that it will now pay a quarterly dividend of 44.6 cents per share.

The increase for shareholders came as Loblaw said earnings were $1.29 per diluted share for the quarter ended March 25, down from $437 million or $1.30 per diluted share. in the same quarter last year.

Revenue for the 12-week period totaled nearly $13 billion compared to nearly $12.3 billion a year earlier. Same-store sales in the food sector increased by 3.1%, while same-store sales in the pharmaceutical sector increased by 7.4%.

On an adjusted basis, Loblaw says it earned $1.55 per diluted share in its most recent quarter, up from adjusted earnings of $1.36 per diluted share a year ago.

Analysts on average had expected adjusted earnings of $1.55 per share and $13.2 billion in revenue, according to estimates compiled by Refinitiv.

Company quoted in this dispatch: Loblaw Companies Limited (TSX: L)