Canada's largest grocer Loblaw Cos Ltd's quarterly profit handily beat analysts' expectations, helped by strong pharmacy sales in its recently acquired Shoppers Drug Mart.Sales at Shoppers accounted for more than a quarter of Loblaw's total sales of C$10.31 billion ($9.61 billion) in the second quarter. This was the first time that Shoppers contributed to Loblaw's sales.Loblaw, majority-owned by George Weston Ltd, bought Shoppers last year to better compete against U.S rivals such as Wal-Mart Stores Inc and Target Corp.Second-quarter same-store sales, excluding Shoppers, rose 1.8 percent, compared with a 1.1 percent rise a year earlier.
Target Corporation sells a range of assortment of general merchandise and food in its stores. Shares of TGT traded higher by 2.27% or $1.35/share to $60.73. In the past year, the shares have traded as low as $54.66 and as high as $73.50. On average, 5483780 shares of TGT exchange hands on a given day and today's volume is recorded at 6167246.
Wal-Mart Stores, Inc. (Walmart), operates retail stores in various formats globally. Shares of WMT traded higher by 0.46% or $0.35/share to $76.99. In the past year, the shares have traded as low as $71.51 and as high as $81.37. On average, 5640660 shares of WMT exchange hands on a given day and today's volume is recorded at 3994449.
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