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Loblaw profits plunge amid coronavirus costs despite revenue surge

globalnews.ca

Loblaw Companies Ltd. says its net income plunged in the second quarter despite surging revenues because of COVID-19 related costs including a temporary pay boost for employees.Canada’s largest grocer says its earnings attributable to shareholders fell 41 per cent to $169 million or 47 cents per diluted share from $286 million or 77 cents per share a year earlier.Excluding one-time items, adjusted profits were $266 million or 74 cents per share, compared with $373 million or $1.01 per share in the prior year.[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]Revenues for the three months ended June 13 increased 7.4 per cent to nearly $12 billion, from $11.1 billion in the second quarter of 2019.Loblaw was expected to.

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