Loblaw beats revenue estimates on resilient demand for essentials

(Reuters) – Canadian retailer Loblaw on Wednesday beat Wall Street expectations for second-quarter revenue, helped by higher prices and as demand held up for groceries and drugs.

The company’s revenue rose 6.9% to C$13.74 billion ($10.40 billion) in the quarter ended June 17, compared with analysts’ average estimate of C$13.63 billion, according to Refinitiv data.

($1 = 1.3208 Canadian dollars)

(Reporting by Juveria Tabassum in Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta)