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TORONTO - Loblaw Cos. Ltd, Canada's No. 1 supermarket chain, posted higher third-quarter profits on Wednesday as a result of growing sales and well performing stores in Quebec, Reuters reported.
The company, controlled by George Weston Ltd., reported that net income for the quarter ended Oct. 6 was C$138 million ($87 million), up significantly from C$113 million a year earlier.
Revenues were C$6.70 billion, up 7 percent from C$6.26 billion. Same-store sales rose 4 percent.
The company said it expects sales and profits to continue to grow in the last quarter and into 2002.
John Lederer, Loblaw's president, said sales in Quebec improved as the company closed unprofitable stores to better meet competitive pressures, Reuters reported.
"Earlier in the year, our Quebec store increases were pretty modest. We are now starting to see some positive results from the rationalization program there," Lederer said.