BRAMPTON, Ont. - Loblaw Companies Ltd. reported a drop in its fourth-quarter profit compared with a year ago, hit by costs related to the announcement of its PC Optimum loyalty rewards program.
The company merged the Shoppers Optimum and PC Plus programs this year under the PC Optimum brand.
The retailer, which includes Loblaws and Shoppers Drug Mart, says its profit available to common shareholders totalled $19 million or five cents per share for the quarter. That compared with a profit of $201 million or 50 cents per share in the final quarter of 2016.
On an adjusted basis, Loblaw says its earnings available to common shareholders totalled $441 million or $1.13 per share, up from $393 million or 97 cents per share in the fourth quarter of 2016.
Analysts had expected an adjusted profit of $1.11 per share, according to Thomson Reuters.
Revenue for the 12-week period fell to $11.03 billion compared with $11.13 billion a year earlier due to the sale of the company's gas bar operations.
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