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Loblaw has performed strongly over the past year as coronavirus-led lockdowns prompted stuck-at-home customers to stock up groceries and other essentials.
The company said it expects the resurgence in COVID-19 cases, which has triggered fresh lockdowns and strict distancing measures in several parts of Canada, to continue to boost its grocery sales.
Net earnings available to common shareholders rose to C$375 million, or C$1.09 per share, for the quarter ended June 19 from C$169 million, or 47 Canadian cents per share, a year earlier.
Loblaw’s revenue increased to C$12.49 billion ($9.94 billion) in the second quarter from C$11.96 billion a year earlier, surpassing analysts’ estimates of C$12.16 billion, according to IBES data from Refinitiv.
($1 = 1.2569 Canadian dollars)
