Loblaw says Q1 profit up from year ago amid strength in customer response to offers

Loblaw Companies Ltd. reported its first-quarter profit rose compared with a year ago as the company saw strong customer response to loyalty offers and promotions.

The parent company of Loblaws and Shoppers Drug Mart says its net earnings available to common shareholders amounted to $503 million or $1.66 per diluted share for the quarter ended March 22.

The result was up from a profit of $459 million or $1.47 per diluted share in the first quarter of 2024.

On an adjusted basis, Loblaw says it earned $1.88 per diluted share in its latest quarter, up from an adjusted profit of $1.72 per diluted share a year earlier.

Revenue for the quarter totalled $14.1 billion, up from $13.6 billion, as food retail same-store sales rose by 2.2%.

Drug retail same-store sales rose 3.8%, with pharmacy and health care services same-store sales up 6.4%, and front store same-store sales increasing 0.9%.