Canadian retailer Loblaw reports higher revenue on demand for cheaper goods
Canadian retailer Loblaw reports higher revenue on demand for cheaper goods July 30 (Reuters) - Canadian retailer Loblaw L.TO on Thursday reported a rise in quarterly revenue, helped by resilient demand for affordable essentials.
Here are some details:
Higher costs of food and fuel have pushed budget-constrained households to shop for cheaper essentials, benefiting value banners at big retailers such as Loblaw.
Traffic and basket size both increased in the second quarter, boosting food retail sales, the company said.
Loblaw said its discount banners such as Maxi and No Frills outperformed in the three months ended June 20 as consumers shopped at these low-cost grocery stores for everyday essentials.
The company's second quarter revenue rose 4.1% to C$15.05 billion ($10.72 billion), compared with the average estimate of C$15.07 billion, according to data compiled by LSEG.
Excluding items, Loblaw reported earnings per share of 66 Canadian cents, which edged past estimates of 65 Canadian cents.
($1 = 1.4041 Canadian dollars)
(Reporting by Juveria Tabassum in Bengaluru; Editing by Saumyadeb Chakrabarty)
((Juveria.Tabassum@thomsonreuters.com;))
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