Loblaw profit: Retailer’s revenue up nearly 10%
Brampton, Ontario. –
Loblaw Companies Ltd. said earnings available to common shareholders were $529 million in the most recent quarter as revenue increased nearly 10% year-over-year.
Retailers said drugstore sales were up on continued strong demand for cough and cold products and strong sales in beauty and cosmetics categories, while discount grocery stores performed better. surpassed
The company, which owns Loblaws Grocery and Shoppers Drug Mart, said it posted diluted earnings per share of $1.62 for the quarter ended December 31, down from $744 million in the year-ago quarter or $744 million diluted Down from $2.20 per share.
Revenue increased from $12.8 billion to $14.0 billion Sales growth in Q4 2021 was driven by an 8.4% increase in same-store sales for food retailers compared to an 8.7% increase in same-store sales for drug retailers.
On an adjusted basis, Loblaw said it earned $1.76 per diluted share in its most recent quarter, compared with adjusted earnings of $1.52 per diluted share a year ago.
On average, analysts expected earnings of $1.71 per share and earnings of $13.7 billion, according to financial market data firm Refinitiv.
This report by the Canadian Press was first published on February 23, 2023.