Loblaw Q4 profit more than doubles compared with year ago, helped by one-time gain

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Published February 24, 2022 at 7:36 am

BRAMPTON, Ont. — Loblaw Companies Ltd. reported its fourth-quarter profit more than doubled compared with a year ago, boosted by a one-time gain related to a Supreme Court decision on a tax case.

The parent company of Loblaws and Shoppers Drug Mart says its net earnings available to common shareholders totalled $744 million or $2.20 per diluted share for the 12-week period ended Jan. 1.

The result compared with a profit of $345 million or 98 cents per diluted share for the 13-week period ended Jan. 2, 2021.

Revenue totalled nearly $12.8 billion, down from nearly $13.3 billion a year earlier when the quarter included an extra week.

The most recent quarter included a recovery of $301 million related to the Supreme Court’s decision on the Glenhuron Bank Ltd. tax case involving Loblaw Financial Holdings.

On an adjusted basis, Loblaw says it earned $1.52 per diluted share for the quarter, up from an adjusted profit of $1.22 per diluted share a year earlier.

This report by The Canadian Press was first published Feb. 24, 2022.

Companies in this story: (TSX:L)

The Canadian Press

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