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Grocery and drugstore retailer Loblaw reports Q4 profit and revenue up from year ago



Canadian grocery and drugstore giant Loblaw Cos. Ltd. has announced positive financial results for the fourth quarter, showcasing growth in both profits and sales compared to the previous year.


For the quarter ending Dec. 30, Loblaw reported a profit available to common shareholders of $541 million, translating to $1.72 per diluted share. This marks an improvement from the same period in 2022 when the company posted a profit of $529 million, equivalent to $1.62 per diluted share.


The total revenue for the fourth quarter reached $14.53 billion, a notable increase from the $14.01 billion reported in the corresponding quarter a year earlier.


The positive momentum was particularly evident in Loblaw's food retail segment, where same-store sales experienced a commendable 2.0% growth. The drug retail division also contributed significantly, with same-store sales increasing by 4.6%. A closer look reveals a 1.7% growth in front store same-store sales and an impressive 8.0% growth in pharmacy and health-care services same-store sales.


On an adjusted basis, Loblaw reported earnings of $2 per share for the latest quarter. This represents a noteworthy improvement from the adjusted profit of $1.76 per share recorded in the same quarter the previous year.


These robust financial results follow Loblaw's recent announcement on Tuesday about its strategic plans for expansion. The company revealed intentions to invest over $2 billion in constructing more than 40 new stores and renovating hundreds of existing ones. This move aligns with Loblaw's commitment to enhancing its retail footprint and providing an improved shopping experience for customers.


Loblaw's positive performance in the fourth quarter reflects its ability to navigate the challenging economic landscape and adapt to evolving consumer preferences. The growth in both profits and sales underscores the resilience of the company in the competitive retail sector.


The increase in same-store sales for both food and drug retail segments suggests that Loblaw's strategies, including product offerings and customer engagement initiatives, are resonating well with consumers. Additionally, the company's focus on adjusting to changing market dynamics has evidently paid off, as reflected in the adjusted earnings per share exceeding the previous year's figures.


As Loblaw continues to invest in expanding its physical presence with new store constructions and renovations, it signals confidence in the long-term prospects of the Canadian retail market. The company's commitment to innovation and customer satisfaction positions it well for sustained success in the ever-evolving retail landscape.


In summary, Loblaw's latest financial report paints a positive picture, showcasing growth in profits and sales, along with strategic plans for expansion. The company's ability to adapt to market trends and invest in its future highlights its resilience and commitment to delivering value to both shareholders and customers alike.


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