LOBLAW COS. $48.12 - Toronto symbol L

LOBLAW COS. $48.12 (Toronto symbol L; Shares outstanding: 282.1 million; Market cap: $13.4 billion; TSINetwork Rating: Above Average; Dividend yield: 2.0%; www.loblaw.ca) is cutting 275 jobs, mostly managerial and administrative positions at its head office. That’s about 1% of its total workforce.

The company did not say how much it expects to pay in severance and other costs. However, lower operating expenses will help Loblaw compete with other supermarket operators and big U.S.-based retailers like Wal-Mart and Target, which are selling more groceries in their Canadian stores.

In addition, the cuts will help eliminate duplication ahead of its $12.4-billion takeover of Shoppers Drug Mart.

Loblaw is a buy.

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