(Reuters) - Loblaw Cos Ltd
With consumers still limiting their trips outdoors due to the COVID-19 pandemic, the company said it would invest more to expand the pick-up and delivery operation while aiming to reduce costs.
The move is part of a larger trend among Canadian retailers. Earlier this week, Walmart Canada
A 280% surge in e-commerce sales lifted Loblaw's revenue about 7.4% to C$11.96 billion ($8.93 billion) in the second quarter ended June 13. That beat analysts' estimates of C$11.87 billion, according to IBES data from Refinitiv .
Adjusted net earnings fell nearly 29% to C$266 million, or 74 Canadian cents per share, due to employee bonuses. Analysts had expected a profit of 71 Canadian cents per share.
The company's food retail same-stores sales rose 10% in the quarter.
(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)