07:30 AM EDT, 04/30/2025 (MT Newswires) -- Loblaw ( LBLCF ) on Wednesday reported a higher first-quarter adjusted earnings beat and also announced a 10% dividend increase to $0.56 per share.

The grocery and pharmacy chain said adjusted net profit rose to $570 million, or $1.88 per diluted share, from $537 million, or $1.72 per diluted share, in the prior year period. The result beat the consensus analyst estimate of $1.86 per share, according to Capital IQ.

Revenue rose 4.1% to $14.1 billion, slightly above the forecast of $14.06 billion. Food retail same-stores sales increased by 2.2%, while drug retail same-store sales increased by 3.8%, boosted by pharmacy and healthcare services same-store sales growth.

Loblaw ( LBLCF ) expects its 2025 retail business to grow earnings faster than sales and adjusted net earnings per common share to grow in the high single-digits.

The company will pay the boosted dividend on July 1.