BUSINESS

Loblaw More Than Doubles Profit, Thanks To Shoppers Drug Mart Acquisition

02/26/2015 07:27 EST | Updated 04/28/2015 05:59 EDT
BRAMPTON, Ont. - Loblaw Companies Ltd. more than doubled its fourth-quarter profit last year, primarily as a result of its acquisition of Shoppers Drug Mart.

Net income for the grocery, pharmacy and clothing retailer was $247 million, up $133 million or 117 per cent, while adjusted net earnings rose 146 per cent to $396 million.

Loblaw's revenue was $11.4 billion for the quarter ended Jan. 3, 2015, including $3 billion from Shoppers.

The overall revenue was up 49.4 per cent from the fourth quarter of 2013.

The company's profit amounted to 60 cents per share of net income, up from 41 cents a year earlier, while adjusted earnings were 96 cents per share, up from 57 cents in the fourth quarter of 2013.

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