Canadian retailer Loblaw Cos. Ltd.'s net income fell 10 per cent in the second quarter due to charges related to class action lawsuits, dropping to $457 million from $508 million year-over-year.
The company missed analysts' revenue expectations in Q2, reporting a 1.5% increase to $13.95 billion, below the estimated $14.17 billion, citing soft demand for certain products.
Customers in Canada are cutting back expenses, leading to lower front-store sales, and the overall retail sales decline in May was attributed to reduced sales at supermarkets and grocery retailers.
Despite the challenging retail environment, Loblaw's discount banners like No Frills and Maxi have seen growth in food sales, as deal-seeking consumers are boosting purchases at these stores.
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