Loblaw Posts Disappointing Q3
TORONTO -- Loblaw Cos., Ltd. here posted a same-store sales increase of 2.8 percent for the third quarter of fiscal 2007, excluding the impact of lower tobacco sales. But gross margin at the Canadian retailer plummeted about CAN $60 million (US $60.7 million) compared to the year ago period -- representing 0.7 percent of sales -- which the company attributed to such factors as targeted price reductions to provide value to customers and changes in sales mix.