BRAMPTON, Ontario — Loblaw Cos. here on Wednesday said net income in the fiscal first quarter was down by 22.2% as a result of soft sales, higher transportation costs and a $10 million investment in lower prices. Net earnings of $128 million (U.S.) or 45 Canadian cents per share, came in below analyst estimates of 50 cents. Sales of $7 billion (U.S.) were up by 0.9% but same-store sales decreased by 0.7%. Food and drug sales were flat, while gas revenues grew as a result of price ...
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