This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Loblaw Companies earns $189-million in third quarter 2009-11-17 09:59 ET - News Release Mr. Galen Weston reports LOBLAW COMPANIES LIMITED REPORTS THIRD QUARTER 2009 RESULTS Loblaw Companies Ltd. has released its results for the third quarter ended Oct. 4, 2009. The company continues to progress in its turnaround efforts, focusing
on food offering enhancements, product innovation, store renovations,
infrastructure improvements and increasing customer value.
Sales and same-store sales were positively impacted in the quarter by
approximately 0.5 per cent as a result of the shift of Thanksgiving holiday
sales into the third quarter of 2009 from the fourth quarter of 2008.
Sales in the quarter were negatively impacted by 0.5 per cent by the sale of
the company's food service business in the fourth quarter of 2008 and
positively impacted by 0.2 per cent by the acquisition of T&T Supermarket
Inc. In the third quarter of 2009:
- Sales growth in food and drugstore was modest.
- Sales growth in apparel was moderate while sales of other
general merchandise declined significantly.
- Gas bar sales declined significantly as a result of lower
retail gas prices, despite moderate volume growth.
- Internal retail food price inflation was below food price
inflation as measured by "the Consumer Price Index for Food
Purchased from Stores" and significantly lower than the second
quarter of 2009.
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