July 28 (Reuters) – Canadian retailer Loblaw Cos Ltd (L.TO) surpassed market estimates for quarterly revenue and profit on Wednesday, as consumer demand for groceries and other essentials stayed robust during the COVID-19 pandemic.
Companies like Loblaw have benefited from rising demand for groceries as consumers preferred to eat at home during the health crisis. The retailer said it expects this strong demand to continue due to the pandemic’s impact.
Its revenue increased to C$12.49 billion ($9.94 billion) in the second quarter from C$11.96 billion a year earlier, topping analysts’ estimates of C$12.16 billion, according to IBES data from Refinitiv.
The company’s net earnings available to common shareholders rose to C$375 million, or C$1.09 per share, for the quarter ended June 19 from C$169 million, or 47 Canadian cents per share, a year earlier.
Excluding one-time items, Loblaw earned C$1.35 per share, beating the average analyst estimate of C$1.21 per share.
($1 = 1.2569 Canadian dollars)
Reporting by Mehr Bedi in Bengaluru; editing by Uttaresh.V
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