Canadian group Loblaw has reported an increase in profit of 73 per cent for the first quarter of 2009, a result of higher food prices that on average jumped 9 per cent nationally.
Revenue at the group grew 2.9 per cent through the quarter, up to C$6.72bn (US$5.7bn), with total earnings standing at C$109m (US$93.1m) according to Reuters.
Same-store sales rose 2.1 per cent, boosted by higher prices and increased sales volumes, representing a slight fall on 2.8 per cent growth in the first quarter of 2008, a result of the change in the date of Easter.
Operating margin for the period came to 3.4 per cent, up from 2.4 per cent last year.
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