Loblaw said overall revenue increased 6.9% to $13.7 billion for the quarter, and net income grew more than 31% to $508 million. Read on.
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The Brampton, Ont.-based grocery giant on July 26 said overall revenue increased 6.9 per cent to $13.7 billion for the quarter ending June 17, and net income grew more than 31 per cent to $508 million, or $1.58 per diluted share. Adjusted net earnings were $626 million, or $1.94 per diluted share.
said in a press release. “Our discount offering, best-in-class control brand products and PC Optimum program are resonating with customers who are looking for value without sacrificing quality.”continued to increase, the company said. But Loblaw beat analyst expectations, who had forecast revenue of $13.6 billion and per share earnings of $1.91, according to Refinitiv data reported by Reuters.
The retail segments of the business posted a 6.7 per cent increase in sales for the quarter to $13.47 million. Same store sales in the grocery segment grew 6.1 per cent as traffic increased, but basket sizes decreased. At its drug stores, same store sales grew 5.7 per cent due to an increased number of prescriptions , as well as prescription values, which were up nearly five per cent.Recommended from Editorial
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