Loblaw fourth-quarter profit up 57% to $201M

Loblaw had $11.13 billion of revenue and a $201 million net profit in the fourth quarter, according to earnings announced Thursday morning.

The profit amounted to 50 cents per share.

The net profit was up 57 per cent or $73 million from a year earlier, while revenue was up $265 million or 2.4 per cent.

In the fourth quarter of 2015, Loblaw had $10.87 billion of revenue and $128 million of net profit or 31 cents per share.

On an adjusted basis, Loblaw earned $393 million or 97 cents per share in the 2016 fourth quarter up from $363 million or 87 cents per share in the fourth quarter of 2015.

Loblaw owns Canada's largest grocery business and the Shoppers Drug Mart pharmacy chain, as well as the Joe Fresh clothing business and PC Financial personal banking.