Loblaw Cos. Ltd. reports Q2 profit decrease due to $500M class-action settlement for bread price-fixing.
Loblaw Cos. Ltd., a major Canadian retailer, reported a Q2 profit decrease due to charges related to a $500M class-action lawsuit settlement over an alleged bread price-fixing scheme. Despite the settlement, revenue for the quarter rose to $13.95B from $13.74B a year earlier, with food retail same-store sales increasing 0.2% and drug retail same-store sales rising 1.5%. Adjusted earnings per diluted share increased to $2.15 from $1.94 in the previous year.
July 25, 2024
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