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Loblaw to close 52 stores over next 1 year

Published 2015-07-23, 06:56 a/m
Loblaw to close 52 stores over next 1 year
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July 23 (Reuters) - Loblaw Companies Ltd L.TO , Canada's
largest grocer, said it would close 52 unprofitable stores over
the next year.
The closures would reduce sales by about C$300 million
($231.25 million), but will add about C$35 million-C$40 million
to its operating income annually.
The company's revenue rose to C$10.54 billion in the second
quarter ended June 20 from C$10.3 billion a year earlier, helped
by strong sales in its food retail business. ID:nCNWcbjVNa
Loblaw posted a profit of C$186 million, or 44 Canadian
cents per share, compared with a loss of C$456 million, or
C$1.13 per share. The year-earlier quarter included costs
related to the acquisition of Shoppers Drug Mart.

($1 = C$1.2973)

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