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Loblaw's profit more than doubles

Reuters
A Loblaws store is pictured in Ottawa February 24, 2011. REUTERS/Chris Wattie (Reuters)

(Reuters) - Canada's largest grocer Loblaw Cos Ltd's quarterly profit more than doubled, mainly due to higher sales in its retail business and the acquisition of Shoppers Drug Mart. The company's net income rose to C$247 million ($198.7 million), or 60 Canadian cents per share, in the fourth quarter ended Jan. 3 from C$114 million, or 41 Canadian cents per share, a year earlier. Excluding items, Loblaw earned 96 Canadian cents per share. Revenue rose 49.4 percent to C$11.41 billion. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Kirti Pandey)