{"id":11020,"date":"2023-05-03T13:13:26","date_gmt":"2023-05-03T11:13:26","guid":{"rendered":"https:\/\/investmentbell.com\/?p=11020"},"modified":"2023-05-03T13:13:33","modified_gmt":"2023-05-03T11:13:33","slug":"loblaw-reports-higher-quarterly-sales-on-strong-demand-for-groceries-drugs","status":"publish","type":"post","link":"https:\/\/investmentbell.com\/hi\/news\/stocks\/loblaw-reports-higher-quarterly-sales-on-strong-demand-for-groceries-drugs\/","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\n\n\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\n\n\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\n\n\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\n\n\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\n\n\n<p>The Brampton, Ontario-based retail chain maintained its annual profit forecast to low double-digit growth.<\/p>\n\n\n\n<p>($1 = 1.3623 Canadian dollars)<\/p>\n<div class=\"rate-now\"><span id=\"rate-mypost11020\"><\/span> <span id=\"rate-points\"> 0<\/span><\/div>\n\t\t\t<script type=\"text\/javascript\">jQuery('#rate-mypost11020').raty({\n\t\t\t\thalfShow : true,\n\t\t\t\thalf: true,readOnly: true,score: 0,\n\t\t\t\tpath: \"https:\/\/investmentbell.com\/wp-content\/plugins\/userpro-rating\/images\/\"\n\t\t\t\t});<\/script>","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>","protected":false},"author":13,"featured_media":11021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-11020","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"_links":{"self":[{"href":"https:\/\/investmentbell.com\/hi\/wp-json\/wp\/v2\/posts\/11020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investmentbell.com\/hi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investmentbell.com\/hi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/hi\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/hi\/wp-json\/wp\/v2\/comments?post=11020"}],"version-history":[{"count":0,"href":"https:\/\/investmentbell.com\/hi\/wp-json\/wp\/v2\/posts\/11020\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investmentbell.com\/hi\/wp-json\/wp\/v2\/media\/11021"}],"wp:attachment":[{"href":"https:\/\/investmentbell.com\/hi\/wp-json\/wp\/v2\/media?parent=11020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investmentbell.com\/hi\/wp-json\/wp\/v2\/categories?post=11020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investmentbell.com\/hi\/wp-json\/wp\/v2\/tags?post=11020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}