Canada NewsWire
BRAMPTON, ON, Nov. 15, 2023
BRAMPTON, ON, Nov. 15, 2023 /CNW/ - Loblaw Companies Limited (TSX: L) ("Loblaw" or the "Company") announced today its unaudited financial results for the third quarter ended October 7, 2023(1).
Loblaw delivered another quarter of strong operational and financial results as it continued to execute on retail excellence. The Company's focus on providing value across its Food and Drug Retail businesses led to sales growth, increased market share, and higher unit sales. Drug Retail sales reflected ongoing strength in front store beauty products and increased prescription sales. In Food Retail, the Company's discount stores benefited from increased traffic from customers seeking quality and value from its private label brands and personalized PC Optimum™ offers. The Company continued to invest in opening new discount stores, including its 150th discount Maxi location in the community of Ville-des-Laurentides, which celebrated its first full-shop discount grocery store. Retail gross margin declined in both Food and Drug as a result of targeted promotional investments and increased shrink. Increased investments to lower food prices were reflected in the Company's internal food inflation, which was lower than Canada's food CPI. Higher sales and ongoing cost control initiatives drove adjusted net earnings growth in the quarter.
"Our stores are delivering more value, including deeper discounts on essentials, and customers are responding positively," said Galen G. Weston, Chairman, Loblaw Companies Limited. "We remain focused on doing what we can to fight inflation and deliver lower prices for Canadians, while continuing to invest for the future."
2023 THIRD QUARTER HIGHLIGHTS
See "News Release Endnotes" at the end of this News Release. |
CONSOLIDATED AND SEGMENT RESULTS OF OPERATIONS
The following table provides key performance metrics for the Company by segment.
| | | 2023 | | | 2022 | ||||||||
| | | (16 weeks) | | | (16 weeks) | ||||||||
For the periods ended October 7, 2023 and October 8, 2022 | | | Retail | Financial Services | Elimi- | Total | | | Retail | Financial Services | Elimi- | Total | ||
(millions of Canadian dollars except where otherwise indicated) | | | ||||||||||||
Revenue | | | $ 17,982 | $ 379 | $ (96) | $ 18,265 | | | $ 17,130 | $ 350 | $ (92) | $ 17,388 | ||
Adjusted gross profit(2) | | | $ 5,502 | $ 325 | $ (96) | $ 5,731 | | | $ 5,272 | $ 294 | $ (92) | $ 5,474 | ||
Adjusted gross profit %(2) | | | 30.6 % | N/A | — % | 31.4 % | | | 30.8 % | N/A | — % | 31.5 % | ||
Operating income | | | $ 1,006 | $ 59 | $ — | $ 1,065 | | | $ 949 | $ 42 | $ — | $ 991 | ||
Adjusted operating income(2) | | | 1,141 | 59 | — | 1,200 | | | 1,091 | 42 | — | 1,133 | ||
Adjusted EBITDA(2) | | | $ 1,852 | $ 74 | $ — | $ 1,926 | | | $ 1,791 | $ 55 | $ — | $ 1,846 | ||
Adjusted EBITDA margin(2) | | | 10.3 % | N/A | — % | 10.5 % | | | 10.5 % | N/A | — % | 10.6 % | ||
Net interest expense and other financing charges | | | $ 197 | $ 37 | $ — | $ 234 | | | $ 194 | $ 23 | $ — | $ 217 | ||
Adjusted net interest expense and other financing charges(2) | | | 197 | 37 Werbung Mehr Nachrichten zur Loews Corp Aktie kostenlos abonnieren
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