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Canadian Grocer Loblaw Beats Estimates

Canadian Grocer Loblaw Beats Estimates

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.

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