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Canada's Loblaw Sees Rise in First-quarter Earnings

TORONTO - Loblaw Cos. Ltd. today said that first-quarter earnings rose 36 percent as it opened 14 new stores and cut costs, Reuters reports.

Canada's largest grocery chain said it earned C$126 million ($81 million), or 46 Canadian cents a share, up from earnings of C$93 million, or 34 Canadian cents a share, in the year-ago period. Revenues rose 9 percent to C$4.95 billion from C$4.55 billion, and same-store sales increased 5 percent.
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