Loblaw Companies Ltd. has reported a 40 per cent increase in first-quarter net income and says it is raising its dividend just over nine per cent.
The operator of the Loblaws grocery chain, financial services and other business said Wednesday that net profits in the period ended March 23 was $171 million or 61 cents per share, up from $122 million or 43 cents in the year-earlier period.
Loblaw said 13 cents of the gain was releated to amendments to its defined benefit pension plan.
Revenue rose to 3.8 per cent to $7.2 billion from $6.94 billion, with the $265-million increase driven by improvements in both the company's retail and financial services operating segments and included same-store sales growth of 2.8 per cent.
Meanwhile, Loblaw said it was increasing its quarterly dividend to 24 cents per common share from 22 cents.
Based on the stock's closing price Tuesday of $42.75, that would produce an annual yield of just under 2.25 per cent.
"Our fresh-led, customer-focused strategy is delivering results," executive chairman Galen G. Weston said in remarks accompanying the earnings release.
"I look forward to the balance of the year with confidence. Despite the increasingly competitive environment, I believe that our improving customer experience and demonstrated ability to create leverage by driving cost savings and efficiencies will enable us to win in the marketplace and deliver value to our shareholders," Weston said.
The release made no mention of the controversy over the collapse of a shoddily built factory in Bangladesh that contributed production to the company's Joe Fresh line of clothing.
However, the topic was expected to come up later Wednesday during the company's conference call with analysts.
More than 400 people died in the tragedy. Loblaw, which has said it was sending senior executives to Bangladesh to look into the collapse while working with other companies to prevent similar disasters in future, on Tuesday announced it would provide compensation to the victims and their families.
Loblaw is Canada's largest supermarket operator with 22 different banners, including Independent, Zehrs, Superstore, Wholesale Club, Value-mart, No Frills, Maxi, Loblaws and Provigo.
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