Loblaw Shares Slide 3.4% on Lower 1Q Profit, Revenue Miss
Provided by
Dow Jones
By Adriano Marchese
Loblaw shares retreated Wednesday morning after the retailer reported a decline in profit and revenue growth that missed analyst expectations for the first quarter.
At 10:01 a.m. ET, shares were trading 3.4% lower, at 124.30 Canadian dollars (US$91.22).
Loblaw said net income came in at C$418 million, or C$1.29 a share, compared with C$437 million, or C$1.30 a share a year ago when the company benefited from a favorable court ruling that contributed to its earnings.
Revenue rose 6%, to C$13 billion. Analysts were expecting a more pronounced increase to C$13.17 billion.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
May 03, 2023 10:20 ET (14:20 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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