Canadian retailer Loblaw has reported a 9.4% increase to C$2.08bn ($1.54bn) in net earnings available to the company’s common shareholders for fiscal 2023 (FY 2023).
The company’s diluted net earnings per common share also saw an impressive rise, climbing by 13.4% to $6.52.
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Over the fiscal year ending 31 December 2023, Loblaw’s revenue surged to $59.52bn, a 5.4% increase against FY 2022.
In the Food Retail sector, same-store sales grew by 3.9%, while drug retail same-store sales saw a higher increase of 5.4%.
The retailer’s e-commerce delivered $3.3bn in sales, up by 10.7% compared to the previous fiscal year.
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In the fourth quarter (Q4) of FY 2023, net earnings available to common shareholders of Loblaw were $541m, a 2.3% increase from Q4 FY 2022.
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By GlobalDataThe retailer’s diluted net earnings per common share for the quarter rose by 6.2% to $1.72.
Loblaw’s revenue for the quarter was $14.53bn, a 3.7% increase from Q4 FY22.
Sales for its retail segment grew by 3.4% to $14.15bn, driven by food retail same-store sales and the Shoppers Drug Mart chain’s same-store sales, which increased 2.0% and 4.6% respectively over the quarter.
The retailer’s e-commerce sales for the quarter jumped by 14.6%.
Loblaw delivered an operating income of $943m, an 8.3% increase while adjusted earnings before interest, taxes, depreciation, and amortisation saw a 9.4% rise to $1.63bn.
The retail segment’s gross profit percentage was 31.1%, a 50 basis points increase from the same period a year previously.
Loblaw Companies president and chief executive officer Per Bank stated: “We are very pleased to deliver another year of consistent operational and financial performance, reflecting our ongoing focus on retail excellence.
“Canadians continue to recognise the superior value and service we provide across our network, something all 220,000 of our colleagues are proud to deliver each and every day.”
Loblaw expanded its network with 31 new Maxi and NoFrills stores in 2023.
The retailer recently announced plans to inject C$2bn to construct 40 new stores, expand or relocate a further ten, and renovate 700 existing premises.
