(MENAFN- ProactiveInvestors) () edged up in midday trades after the Canadian grocery chain reported third-quarter adjusted earnings from continuing operations that beat analyst expectations.
Shares were up 0.2 percent at C$94.66 at 2:34 p.m. in Toronto. The stock is up 16 percent this year.
Profit from continuing operations fell to C$53 million or C$30 per share in the 16 weeks ended Oct. 4 from continuing operations of C$168 million or C$1.21 per share a year ago the Toronto-based company said in a statement today.
Adjusted earnings from continuing items increased 24.2 percent to $1.59 per share. Revenue grew 34.7 percent to C$14 billion.
Analysts had estimated C$1.54 of adjusted earnings and about C$14 billion of revenue for the quarter.
which is the parent company of grocery behemoth has been dealing with a competitive grocery market in Canada as stores like Walmart and Target begin selling food to attract more customers.
“ Ltd. continued to advance strategic initiatives and focus on long term value creation for shareholders” W. Galen Weston ’s executive chairman said in the statement.
“We are pleased with the Company’s performance after two full quarters of operations with .”
Last quarter had warned that the third quarter would be challenging for the company as it continued to deal with higher commodity prices and start-up losses at a new bakery in Toronto.
The Competition Bureau said yesterday that it was investigating 's relationship with suppliers and has asked the Federal Court to require certain suppliers to provide information.
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