Loblaw Companies reports profit of $508 million in second quarter

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Published July 26, 2023 at 8:19 am

BRAMPTON, Ont. — Loblaw Companies Ltd. reported a profit available to common shareholders of $508 million for its second quarter, an increase of 31.3 per cent from the same period last year.

The parent company of Loblaws and Shoppers Drug Mart reported its profit amounted to $1.58 per diluted share for the quarter ended June 17, an increase from $1.16 per diluted share in the same quarter last year.

Revenue for the 12-week period totalled $13.7 billion, up from $12.8 billion a year earlier.

Food retail same-stores sales were up 6.1 per cent, while drug retail same-store sales increased by 5.7 per cent.

The company says food retail sales growth was driven by a continued consumer shift to discount stores.

On adjusted basis, Loblaw says it earned $1.94 per diluted share in its latest quarter, up from an adjusted profit of $1.69 per diluted share a year ago.

This report by The Canadian Press was first published July 26, 2023.

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The Canadian Press

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