Loblaw Cos Ltd, Canada's largest grocer, reported a better-than-expected quarterly profit as it benefits from the Shoppers Drug Mart acquisition, and said it was on track to achieve the targeted savings from the deal.The company's shares rose as much as 3 percent to a near nine-year high of C$59.82 on Wednesday.Loblaw bought Shoppers Drug Mart last year to ward off rising competition as U.S.-based rivals such as Wal-Mart Stores Inc and Target Corp expanded their Canadian business.The company said it remained on track to achieve C$100 million in savings in the first year following the closing of Shoppers Drug Mart acquisition.
Target Corporation sells a range of assortment of general merchandise and food in its stores. Shares of TGT traded higher by 1.12% or $0.735/share to $66.46. 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 4048721.
Wal-Mart Stores, Inc. (Walmart), operates retail stores in various formats globally. Shares of WMT traded higher by 0.24% or $0.19/share to $79.20. 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 4349054.
Source
