Grocery and drugstore retailer Loblaw Cos. Ltd. boosted its quarterly dividend by 15 percent as it reported that its first-quarter profit and revenue soared from a year earlier.
The parent company of Loblaws and Shoppers Drug Mart says it will now pay a quarterly dividend of 51.3 cents a share, up from 44.6 cents a share.
The increased payout to shareholders comes as Loblaw says it made a profit of $459 million, or $1.47 per diluted share, attributable to common shareholders for the quarter ended March 23. The result was 9.8 percent higher than $418 million, or $1.29 per diluted share. Last year’s quarter.
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Revenue for the quarter totaled $13.58 billion, up from $13.00 billion a year earlier.
Food retail same-store sales increased 3.4 percent, while drug retail same-store sales increased 4.0 percent, front store same-store sales increased 0.7 percent and pharmacy and health care services same-store sales increased 7.3 percent. cent.
On an adjusted basis, Loblaw says it earned $1.72 per diluted share in its latest quarter, up from an adjusted profit of $1.55 per diluted share a year earlier.
An online campaign was launched on Wednesday Boycott Loblaw’s BusinessFor the month of May, A An expression of disappointment towards Canada’s largest grocer. And the rising cost of food.
– With files from Global News
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