Loblaw has announced its unaudited financial results for the second quarter ended 18 June 2011, with net earnings up to C$197m (US$208m) from C$181m (US$191m) during the same period of 2010.
According to the report, revenue for the quarter rose marginally by 0.1 per cent to C$7.3bn (US$7.7bn), with retail sales growth of 0.2 per cent and same-store sales decline of 0.4 per cent.
'As we progressed through the second quarter, the company continued to focus on building out our infrastructure and developing opportunities for growth,' said Galen Weston, executive chairman of Loblaw Companies Limited.
'Unpredictable and competitively intense market conditions continue to put retail sales at risk,' he added. 'Investment in information technology and supply chain infrastructure will continue to negatively impact our operating income for the remainder of 2011.'
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