Canada’s Loblaw beats estimates for quarterly revenue

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FILE PHOTO: A shopper leaves a Loblaw grocery store in Ottawa

– Canadian retailer Loblaw Cos Ltd beat market estimates for quarterly revenue on Thursday, as demand for groceries and other essential items stayed strong.

The pandemic-led trend of cooking at home has sustained even as COVID curbs have eased, continuing to help sales at grocery stores that benefited during last year’s lockdowns.

Companies like Loblaw have also benefited from demand for drugs as well as household items and clothing as life returns to normal in many parts of Canada.

Total revenue fell to C$12.76 billion ($9.94 billion) in the fourth quarter ended Jan. 1 from C$13.29 billion a year earlier. Analysts had expected C$12.64 billion, according to IBES data from Refinitiv.

Net earnings available to common shareholders rose to C$744 million, or C$2.20 per share, in the reported quarter, from C$345 million, or 98 Canadian cents per share, a year earlier.

($1 = 1.2843 Canadian dollars)

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh Kuber)