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.  

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. 

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The 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.