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Loblaw's Q2 profit down after agreeing to settle price-fixing lawsuit

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BRAMPTON, Ont. -

Grocery and drugstore retailer Loblaw Cos. Ltd. reported its second-quarter profit decreased compared with a year ago.

The parent company of Loblaws and Shoppers Drug Mart says it earned a profit available to common shareholders of $457 million or $1.48 per diluted share for the quarter ended June 15.

The result was down from $508 million or $1.58 per diluted share in the same quarter last year, which Loblaw attributed primarily to charges related to the settlement of class-action lawsuits. On Thursday, the grocer announced it and parent company George Weston Ltd. have agreed to pay $500 million to settle a pair of class-action lawsuits regarding their involvement in an alleged bread price-fixing scheme.

Revenue for the quarter totalled $13.95 billion, up from $13.74 billion a year earlier.

Food retail same-stores sales rose 0.2 per cent, while drug retail same-store sales increased 1.5 per cent, with front store same-store sales down 2.4 per cent and pharmacy and health-care services same-store sales up 5.4 per cent.

On an adjusted basis, Loblaw says it earned $2.15 per diluted share in its latest quarter, up from an adjusted profit of $1.94 per diluted share a year earlier.

This report by The Canadian Press was first published July 25, 2024.

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