07:12 AM EST, 11/13/2024 (MT Newswires) -- Loblaw Companies ( LBLCF ) on Wednesday reported higher third quarter adjusted profit while revenue rose slightly.

Net profit, adjusted to remove most one-time items, climbed 6.7% to $767 million, or $2.50 per adjusted diluted share, from $719 million or $2.26 per adjusted diluted share, last year.

Revenue of $18.54 billion was 1.5% higher. Drug Retail sales growth outperformed Food Retail in the quarter, while e-commerce sales increased by 18.5%.

For the full-year, Loblaw ( LBLCF ) expects its retail business to grow earnings faster than sales and to return capital to shareholders by allocating a "significant" portion of free cash flow for share buybacks.

The company has lifted its guidance for full-year adjusted net earnings per share growth from high single-digits into the low double-digits.

Loblaw ( LBLCF ) will pay a quarterly dividend of $0.513 per share on Dec. 30.

"Increased customer traffic to our stores this quarter demonstrates that we are delivering the value, quality and service our customers count on," said Per Bank, President and CEO. "Our relentless focus on retail excellence allows us to provide great value to Canadians and invest to deliver future growth, while delivering strong financial results."