Shoppers deal buoys Loblaw results

BRAMPTON, Ont. — Loblaw beat analyst forecasts for the quarter, the Financial Post reports, boosted by strong sales in its pharmacy business at Shoppers Drug Mart, which the retail group acquired this year. Same-store front sales grew 2.5% at Shoppers, while Loblaw saw overall 1.6% growth. Loblaw’s revenue rose 36% to $13.6 billion, a quarter of that coming from Shoppers Drug Mart. The merger saved Loblaw about $44 million in the quarter, but also cost it $46 million in restructuring and reorganization expenses. Net earnings fell to $142 million from $150 million. Adjusted basic net earnings was 90 cents per share, slightly ahead of the average forecast of 87 cents.