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

BRAMPTON, Ont. –

Loblaw Companies Ltd. says it earned a revenue accessible to widespread shareholders of $529 million in its newest quarter as its income rose practically 10 per cent in contrast with a yr in the past.

The retailer says the gross sales progress got here as drugstore gross sales had been pushed by continued sturdy demand for cough and chilly merchandise and power within the magnificence and cosmetics classes, whereas its low cost grocery shops outperformed.

The guardian firm of Loblaws grocery shops and Shoppers Drug Mart says its revenue amounted to $1.62 per diluted share for the quarter ended Dec. 31, down from $744 million or $2.20 per diluted share a yr earlier.

Revenue totalled $14.0 billion, up from $12.8 billion within the fourth quarter of 2021. The improve in income got here as meals retail same-store gross sales gained 8.4 per cent, whereas drug retail same-store gross sales rose 8.7 per cent.

On an adjusted foundation, Loblaw says it earned $1.76 per diluted share in its newest quarter, in contrast with an adjusted revenue of $1.52 per diluted share a yr earlier.

Analysts on common had anticipated a revenue of $1.71 per share and $13.7 billion in income, based on monetary markets knowledge agency Refinitiv.

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