Canadian Grocer Loblaw Beats Estimates

Canadian retailer Loblaw saw its revenue surge with demand for groceries and essential products remaining robust.

The company’s Q2 revenue increased to $9.94 billion, up from $9.6 billion a year before, topping market estimates of $9.7 billion, Reuters reported.

Loblaw’s net earnings rose to $301 million or 88 cents per share for the quarter, which ended on June 19. This was up from $135 million, or 38 cents per share, a year before.

The company earned $1.08 per share, beating the average analyst estimate of 97 cents per share, excluding one-time charges.

Looking ahead, the retailer expects strong demand to continue as consumers still prefer to eat more at home due to the ongoing health crisis.

Originally published at https://retailbum.com on July 29, 2021.