Loblaw Feels The Heat As It Posts First Losses In Nearly 20 Years

Canada's leading mass grocery retail (MGR) operator, Loblaw, has posted losses for the first time in 19 years, following a warning to investors that it would be hard hit by the performance of its Quebec-based Provigo store chain. For the 2006 year, ending on December 30, the company suffered a loss of CAD219mn (US$186.4mn), compared with a profit of CAD746mn in 2005. Full-year sales for 2006 were up to CAD28.6bn (US$24.35bn) from CAD27.6bn the year before, while operating losses stood at CAD695mn

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