Higher costs offset sales surge at Loblaw

BRAMPTON, Ont. — Loblaw Cos. Ltd. said its Q2 earnings fell by 40.9 percent to $169 million. Diluted net earnings per share fell by 39 percent from $0.77 to $0.47. Revenues rose by 7.4 percent to $11.96 billion, with comp sales up 10 percent and online sales ballooning by a full 280 percent. Nevertheless, pandemic-related costs of $282 million dragged down results. These included $180 million in wage premiums, which Loblaw and other retailers chose to end in June amid heavy criticism.