Loblaw Cos Ltd, the largest food retailer in Canada, has reported a 40% increase in its first quarter profit earnings. It also said that the company plans to complete the initial public offering of its REIT by early to mid-July.
The company's majority shareholder is George Weston Ltd and it has also raised its quarterly dividends to 9% or Can$0.24 per share. This is the second time in the last six months that the company has increased its dividend earnings.
Loblaw's portfolio also includes clothing, medicine and footwear. It had also announced its outlook for 2013 even with heightened competition.
Supermarket operations competition has become crowded, with Target Corp, Metro Inc and Empire Co Ltd's Sobeys are now sharing a smaller market with Loblaw Cos, Target Corp and Wal-Mart Stores Inc.
Loblaw's profit increased to Can$171 million or US$170 million in the first quarter of 2013 from Can$122 million from 2012.
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