{"id":32317,"date":"2023-05-03T10:48:42","date_gmt":"2023-05-03T10:48:42","guid":{"rendered":"https:\/\/lynettelockhart.com\/client\/loblaw-reports-higher-quarterly\/"},"modified":"2023-05-03T11:01:47","modified_gmt":"2023-05-03T11:01:47","slug":"loblaw-reports-higher-quarterly","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/loblaw-reports-higher-quarterly\/","title":{"rendered":"Loblaw reports higher quarterly sales on strong demand for groceries, drugs"},"content":{"rendered":"<p>(Reuters) -Canadian retailer Loblaw Companies Ltd on Wednesday reported first-quarter sales rose 6%, helped by strong demand for essential goods including groceries and drugs.<\/p>\n<p>Retailers industry-wide have lately been relying on sales of essential goods including groceries, frozen protein and drugs as inflation-hit consumers prioritize spending on everyday needs.<\/p>\n<p>Drug retail sales, however, were led by Loblaw&#8217;s higher-margin beauty and cough and cold products, the company said. <\/p>\n<p>Loblaw warned that the cost of materials in its food segment continued to increase faster than the price hikes taken by the retailer to shield its margins.<\/p>\n<p>Net income attributable to the company fell to C$418 million  ($306.83 million), or C$1.29 per share, in the first quarter from C$437 million, or $1.30 per share, a year earlier.    Loblaw&#8217;s first-quarter revenue rose to C$13 billion from C$12.26 billion a year earlier.<\/p>\n<p>The Brampton, Ontario-based retail chain maintained its annual profit forecast to low double-digit growth.<\/p>\n<p>($1 = 1.3623 Canadian dollars)<\/p>\n<p> (Reporting by Anne Florentyna Gnanaraja Sekar in BengaluruEditing by Vinay Dwivedi)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/loblaw-reports-higher-quarterly\/file-photo-illustration-shows-loblaw-logo\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420DL-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ420DL-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -Canadian retailer Loblaw Companies Ltd on Wednesday reported first-quarter sales rose 6%, helped by strong demand for essential goods including groceries and drugs. Retailers industry-wide have lately been relying on sales of essential goods including groceries, frozen protein and drugs as inflation-hit consumers prioritize spending on everyday needs. Drug retail sales, however, were led [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":32318,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-32317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420DL-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=32317"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32317\/revisions"}],"predecessor-version":[{"id":32345,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/32317\/revisions\/32345"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/32318"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=32317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=32317"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=32317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}