Loblaw Companies Ltd, Canada's largest grocer, reported a better-than-expected quarterly profit, boosted by strong pharmacy sales at its recently acquired Shoppers Drug Mart business.Loblaw, majority-owned by George Weston Ltd, bought Shoppers Drug Mart Corp last year to better compete against the expanding Canadian businesses of U.S.-based rivals such as Wal-Mart Stores Inc and Target Corp.Same-store front sales grew 2.5 percent at Shoppers Drug Mart in the third quarter ending Oct. 4 from a year earlier, higher than Loblaw's overall 1.6 percent growth.Loblaw's revenue increased 36 percent to C$13.6 billion ($12 billion). Shoppers Drug Mart contributed a quarter of that.
Target Corporation sells a range of assortment of general merchandise and food in its stores. Shares of TGT traded higher by 0.31% or $0.2/share to $65.72. In the past year, the shares have traded as low as $54.66 and as high as $67.25. On average, 4274890 shares of TGT exchange hands on a given day and today's volume is recorded at 3419538.
Wal-Mart Stores, Inc. (Walmart), operates retail stores in various formats globally. Shares of WMT fell by 0.54% or $-0.43/share to $79.01. In the past year, the shares have traded as low as $72.27 and as high as $81.37. On average, 6390460 shares of WMT exchange hands on a given day and today's volume is recorded at 5602456.
Source
