Profits up at Loblaw

Article Excerpt

LOBLAW COS. $41.14 (Toronto symbol L; Shares outstanding: 278.4 million; Market cap: $11.5 billion; TSINetwork Rating: Above Average; Dividend yield 2.0%; www.loblaw.com) reports 11.6% higher earnings per share in the three months ended October 9, 2010, to $0.77 from $0.69. The company continues to upgrade its inventory-management systems and streamline its distribution networks. Costs related to these improvements lowered its earnings per share by $0.12 in the latest quarter. Sales rose 1.3% in the latest quarter, to $9.6 billion from $9.5 billion. The gain was largely due to T&T Supermarket Inc., now Canada’s largest Asian-food retailer. Lower sales of drugs and general merchandise partly offset stronger clothing sales. Food sales were flat. Loblaw is still a buy. buy…

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