(Brampton) Loblaw Companies reports profit for common shareholders of $508 million for its second quarter, an increase of 31.3% over the same period last year.
The company, which owns a multitude of banners in Canada, including Maxi, Provigo and Pharmaprix, says its profit was $1.58 per diluted share for the quarter ended June 17, an increase from 1.16 $ per diluted share in the same quarter last year.
Revenue for the 12-week period totaled $13.7 billion compared to $12.8 billion a year earlier.
Same-store sales in the food sector increased by 6.1%, while same-store sales in the pharmaceutical sector increased by 5.7%.
Loblaw says growth in food retail sales has been spurred by a continued shift of consumers to discount stores.
Companies named in this dispatch: Loblaw Companies (TSX: L)
