June 24th, 2024

Loblaw Companies reports $529M Q4 profit, revenue up nearly 10 per cent

By The Canadian Press on February 23, 2023.

BRAMPTON, Ont. – Loblaw Companies Ltd. says it earned a profit available to common shareholders of $529 million in its latest quarter as its revenue rose nearly 10 per cent compared with a year ago.

The retailer says the sales growth came as drugstore sales were driven by continued strong demand for cough and cold products and strength in the beauty and cosmetics categories, while its discount grocery stores outperformed.

The parent company of Loblaws grocery stores and Shoppers Drug Mart says its profit amounted to $1.62 per diluted share for the quarter ended Dec. 31, down from $744 million or $2.20 per diluted share a year earlier.

Revenue totalled $14.0 billion, up from $12.8 billion in the fourth quarter of 2021. The increase in revenue came as food retail same-store sales gained 8.4 per cent, while drug retail same-store sales rose 8.7 per cent.

On an adjusted basis, Loblaw says it earned $1.76 per diluted share in its latest quarter, compared with an adjusted profit of $1.52 per diluted share a year earlier.

Analysts on average had expected a profit of $1.71 per share and $13.7 billion in revenue, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 23, 2023.

Companies in this story: (TSX:L)

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