Canada’s Loblaw beats revenue estimates By Reuters

© Reuters. FILE PHOTO: A shopper leaves a Loblaw grocery store in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo

(Reuters) – Canadian retailer Loblaw Cos Ltd beat market estimates for quarterly revenue on Wednesday, as consumer demand for groceries and other essentials stayed robust during the COVID-19 pandemic.

The company’s revenue rose to C$12.49 billion ($9.94 billion) in the second quarter from C$11.96 billion a year earlier, surpassing analysts’ estimates of C$12.16 billion, according to IBES data from Refinitiv.

($1 = 1.2569 Canadian dollars)

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