Loblaw Q3 Profit Drops 29%

Canada's Loblaw Companies LBLCF reported a 29% drop in its third-quarter profit. Loblaw's quarterly net income declined to C$154 million ($147 million), or 55 Canadian cents a share, versus a year-ago profit of C$217 million, or 77 Canadian cents a share. Excluding one-time items, it earned 73 Canadian cents a share, missing analysts' estimates of 80 Canadian cents a share. Its total revenue climbed 2% to C$10.01 billion, versus analysts' expectations of C$10.04 billion. Loblaw's sales at established stores rose 0.4%, versus a 0.2% drop in the year-ago period. Loblaw shares closed at $45.11 yesterday.