Canada’s largest supermarket chain said today that it will close 43 stores as it moves to “simplify, innovate and grow” after a period of “uncharacteristically poor” performance.
Loblaw Cos. Ltd. (TSX: L) also reported its first profit increase in five quarters, earning 74 cents per share in the period ending Oct. 7, compared to 70 cents a year earlier.
Sales rose 4.6 per cent to $9 billion, while sales in store open more than a year grew two per cent, the company said. Net income was $203 million, up 5.7 per cent over the year earlier period.
Loblaw said it would close 19 Provigo stores in Quebec, where it has been locked in a price war with competitors.
It also plans to close 24 of its franchise and club warehouse stores, due to higher costs triggered by changes in the way the tobacco industry ships its products.
No comments yet.