Loblaw Cos. Ltd. reported a total revenue of $15.27 billion in the second quarter, up 4.1 per cent from the same period last year.
Its net earnings increased 5.2 per cent to $751 million in the quarter ended June 20, and diluted net earnings was up 8.5 per cent to $0.64 per share. On an adjusted basis, net earnings were $774 million, up 8.6 per cent, and adjusted diluted net earnings were $0.66 per share, up 11.9 per cent.
“We are investing in new stores and growth as we make everyday essentials and healthcare more accessible while continuing to deliver strong financial results,” chief executive Per Bank said in a press release.
Loblaw said it opened a total of 14 stores in the quarter, including seven hard discount stores, three drug stores and the first T&T location in California.
Food retail sales grew 3.3 per cent to $10.6 billion, which Loblaw said was due to higher customer traffic and basket size, and e-commerce sales growth.
The company said its discount banners outperformed again in the second quarter, reflecting continued consumer demand for value and greater access to Maxi and No Frills stores.
Drug retail sales were up 6.1 per cent to $4.43 billion, driven by continued strength in specialty and chronic prescriptions, as well as the beauty and over-the-counter categories.
More to come.