Loblaw Q4: Revenue up 3.7%, net earnings grow 2.3%

Loblaw Companies revenue in its fourth quarter increased 3.7 per cent or $524 million to $14,531 million, from the same period last year. Retail sales increased 3.4 per cent to $14,157 million over last year. E-commerce sales rose 14.6 per cent versus last year’s increase of 10.7 per cent.

Pharmacy and healthcare services led growth with same-store sales growth of 8 per cent followed by drug retail (Shoppers Drug Mart) same-store sales increase of 4.6 per cent and ront store same-store sales growth of 1.7 per cent. Food retail same-store sales increase 2.0 per cent.

“Loblaw delivered another quarter of strong operational and financial results as it maintained its focus on retail excellence. The Company’s value proposition, private label brands, and personalized PC Optimum offers continued to resonate with customers seeking quality and value. This resulted in traffic growth and continued market share momentum in food retail,” said Per Bank, president and CEO of Loblaw Companies.

Front store beauty products and sales of cough and cold medications led strong drug retail sales, while the strong performance of healthcare services is a result of consumes who Loblaw says reacted “very positively to the convenience and level of care offered across the Company’s 74 new pharmacy-based clinics.”

In 2023, Loblaw opened 31 new Maxi and NoFrills stores and recently announced a $2 billion+ investment that will see 40 new stores and expand or relocated an additional 10 stores.