May 1 Loblaw Cos Ltd, Canada's largest
food retailer, said it plans to transfer about C$7 billion
($6.96 billion) of property assets to a real estate investment
trust (REIT) that will be spun off in an initial public offering
The company, majority-owned by George Weston Ltd,
also reported a 40 percent rise in first-quarter profit to C$171
million, or 61 Canadian cents per basic share, from C$122
million, or 43 Canadian cents per basic share, a year earlier.
The results included a gain of 13 Canadian cents per share
related to defined benefit plan amendments, the company said.
Total sales rose about 3 percent to C$7.04 billion. Sales at
established locations, a key measure for retailers, rose 2.8