Loblaw had a busy third quarter as it ramped up efforts to capture more deal-seeking shoppers, pharmacy customers and immigrant communities, while growing its store footprint and planning for even more expansion in 2025.

President and chief executive officer Per Bank acknowledged the grocer has “done a lot” during his first year as chief executive.

“Now we’re going to perfect what we have done,” he said on an earnings conference call with analysts.

“We have a lot on our plate, and we're going to perfect it.”

The company's profit for the quarter rose year-over-year to $777 million or $2.53 per diluted share, up from $621 million or $1.95, boosted by the reversal of a charge at its President's Choice Bank after a Federal Court of Appeal decision.

Revenue for the quarter totalled $18.54 billion, up from $18.27 billion a year earlier.

Amid the ongoing shift to discount stores by cash-strapped shoppers, Bank said No Frills and Maxi continued to outperform full-service stores.

Loblaw said it opened 25 new No Frills and Maxi stores during the quarter.

Six of these stores were the new small-format No Frills stores, said chief financial officer Richard Dufresne on the call.

“While it's still early days, we are pleased with customer reactions and overall performance,” he said.

The company also launched a pilot program during the quarter trialling an ultra-discount No Name store format meant to offer savings beyond even its ubiquitous No Frills banner, with two stores opening during the third quarter and another recently opened.

“If it works, we will (add more). If not, we will pivot, take the learnings and apply them to our discount program,” Bank said.

Loblaw recently opened new T&T stores in Ontario and Quebec, and is beginning the banner’s expansion into the U.S. next month.

With Canada’s first-generation immigrant population continuing to grow, the company is also introducing new multicultural products, including offering more private label T&T products at the company’s other stores, said Bank.

Despite the Canadian government’s decision to slow immigration, Dufresne said there’s still growth ahead.

“While it may slow a bit, we still believe that it's going to grow. And that's a tailwind that is very positive for grocery players like us,” he said.

The company is also trying to boost food sales at Shoppers Drug Mart, said Bank. The shift toward discount has had a slight impact on food sales there, he said, so Loblaw is responding by lowering prices on several hundred products to encourage more people to shop for food at the pharmacy banner.