Canada's Loblaw raises annual profit forecast on resilient grocery demand

(Reuters) -Loblaw raised its annual profit forecast after beating third-quarter profit estimates on Wednesday, as the Canadian retailer bet on demand for grocery and medicines at its discount stores to remain resilient amid economic uncertainties. The retailer's focus on discount banners such as Maxi and No Frills and value-driven programs like keeping prices low and rolling out aggressive promotions has helped attract more budget-conscious Canadians. Quarterly same-store sales at its food retail segment rose 2%, while in drug retail they increased 4% from a year ago. Retailers are also benefiting from the "Buy Canadian" movement sparked by trade disputes between the country and the U.S., as consumers switch to locally made goods, leading to a dramatic reshuffling of shelves at stores in C