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Loblaw profit misses consensus by 50.0% in fiscal Q1

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Loblaw profit misses consensus by 50.0% in fiscal Q1

Loblaw Cos. Ltd. said its normalized net income for the fiscal first quarter ended March 28 was 33 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 67 cents per share.

EPS declined 18.9% year over year from 41 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$138.8 million, a gain of 18.7% from C$116.9 million in the prior-year period.

The normalized profit margin dropped to 1.4% from 1.6% in the year-earlier period.

Total revenue climbed 37.8% on an annual basis to C$10.05 billion from C$7.29 billion, and total operating expenses grew 37.5% on an annual basis to C$9.64 billion from C$7.01 billion.

Reported net income grew 22.0% on an annual basis to C$145.6 million, or 35 cents per share, from C$119.4 million, or 42 cents per share.