Loblaw’s food retail same-store sales increased by 4.5% in Q3 FY23. Credit: Caribb/ Flickr (Creative Commons).

Canada-based food and pharmacy retailer Loblaw has reported a total revenue of C$18.26bn ($13.34bn) in the third quarter (Q3) of fiscal year (FY) 2023.

This is an increase of 5.0% from C$17.38bn in Q3 FY22.

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During the quarter, the company’s retail segment sales posted a 5.0% growth to C$17.98bn. This was driven by 4.5% growth in food retail same-store sales and 4.6% growth in Drug Retail same-store sales.

The retailer’s e-commerce sales for Q3 increased by 13.6%.

Loblaw posted net earnings available to the company’s common shareholders of C$621m in the quarter ending 7 October 2023. This is an increase of 11.7% from the prior year’s quarter.

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Its diluted net earnings per common share also increased to C$1.95.

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The retailer’s operating income was C$1.06bn in Q3 FY23, up 7.5% from last year.

Loblaw recorded adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of C$1.92bn in Q3 FY23, up 4.3% from Q3 FY22.

During the quarter, the company’s retail segment adjusted gross profit percentage was 30.6% in Q3 FY23, decreasing 20 basis points (bps) from last year.

Loblaw Companies chairman Galen Weston said: “Our stores are delivering more value, including deeper discounts on essentials and customers are responding positively.

“We remain focused on doing what we can to fight inflation and deliver lower prices for Canadians while continuing to invest for the future.”

For the full-year 2023, Loblaw expects adjusted net earnings per common share growth in the low double digits.

Earlier this month, Loblaw deployed electric trucks from heavy-duty truck manufacturer Volvo for grocery deliveries.