Loblaw hikes dividend on higher profit

Loblaw Companies Ltd. raised its dividend Wednesday as it reported its latest quarterly profit was up from a year ago.

Loblaw Companies Ltd. raised its dividend Wednesday as it reported its latest quarterly profit was up from a year ago.

The grocery and drug store retailer says its quarterly dividend will rise by a penny to 27 cents per share.

The increase came as Loblaw reported $230 million in net earnings available to common shareholders or 57 cents per diluted share for the quarter ended March 25.

That was up from $193 million or 47 cents per diluted share in the same quarter last year.

Revenue edged higher to $10.40 billion from $10.38 billion a year ago.

Loblaw said its adjusted earnings per share totalled $364 million or 90 cents per diluted share, up from $338 million or 82 cents per share a year ago, due to improvements in operating performance and the repurchase of shares.