(Brampton) Grocery and pharmacy retailer Loblaw Companies increased its quarterly dividend by 15% after reporting higher first-quarter profit and revenue compared to last year.
The parent company of Loblaws and Shoppers Drug Mart (Pharmaprix in Quebec) announced that it will now pay a quarterly dividend of 51.3 cents per share, up from 44.6 cents per share.
The increased payment to shareholders comes as Loblaw reported earnings available to common shareholders of $459 million, or $1.47 per diluted share, for the quarter ended March 23. The result was up from 418 million, or $1.29 per diluted share, in the same period last year.
Revenues for the quarter totaled 13.58 billion, compared to 13.00 billion a year earlier.
Same-store sales for the food retail sector jumped 3.4%, while same-store sales for retail pharmacies increased 4%.
Same-store sales of front-of-store products increased 0.7% and same-store sales of pharmacy and health care services increased 7.3%.
On an adjusted basis, Loblaw says it earned $1.72 per diluted share in its most recent quarter, up from adjusted earnings of $1.55 per diluted share a year earlier.
Company in this dispatch: (TSX: L)