BRAMPTON, Ontario — Loblaw Cos. here said Wednesday food sales were flat and drug store sales declined while gasoline sales increased significantly during the third quarter, which ended Oct. 9.
Net income for the 16-week quarter rose 12.7% to $208.6 million (U.S.), while sales increased 1.3% to $9.4 billion and same-store sales declined 0.4%. For the 40-week year to date, net income was up 7.9% to $519 million and sales increased 1.8% to $23.3 billion.
According to Galen G. Weston, executive chairman, Loblaw is continuing to make progress toward the final stages of its renewal program "in a market that remains highly competitive and under deflationary pressure."
"These factors, combined with the significant risk and cost associated with the major systems and infrastructure programs the company is undertaking, will continue to put future sales and margins increasingly under pressure."