Loblaw Companies Ltd. said Tuesday that its first-quarter earnings were up 73 per cent amid rising sales.
The company told investors that it made $109 million, or 40 cents per share, up from $63 million, or 23 cents a share, a year earlier.
Sales at the grocery retailer grew by 2.9 per cent to $6.72 billion from $6.53 billion in the same quarter of last year.
"Along with the rest of the food retail industry, our results have benefited from food price inflation. Our focus remains on consistent execution while undertaking aggressive store renovation and infrastructure programs," said Galen G. Weston, the company's executive chairman.
"We remain cautious and prepared for continuing challenges through 2009, as inflation could unwind and economic conditions remain volatile," he said in a statement.
Loblaw shares closed up $2.48, or more than seven per cent, to $35.31 on the TSX.
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