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11/16/2022

Loblaw Companies Limtied Has Strong Q3 2022

The retailer's private brands continue to play a strong role in its quarterly success.
Zachary Russell
Associate Editor
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Loblaws

Canadian grocery retailer Loblaw Companies Limited has shared its latest quarter results that show consumers continue to shop at the chain and buy its private brands.

For the third quarter ended Oct. 8, 2022, revenue was $1.73 billion, an increase of 8.3% compared to the same period last year. Retail segment sales rose 8.2% in the past year, reaching $1.71 billion.

Same-store retail sales at Loblaws locations rose 6.9% compared to last year, and same-store drug retail sales at Shoppers Drug Mart increased 7.7% year-over-year. In Q3 2022, Loblaw also saw a 3% increase in e-commerce sales.

Operating income in the quarter was $991 million, an increase of $128 million, and ​​net earnings available to common shareholders of the company were $556 million, an increase of $125 million or 29.0%.

"In a difficult economic environment, Loblaw is putting the strength of its unique assets to work for Canadians, offering record loyalty rewards, unmatched private label brands, the best discount stores, and an inflation-fighting price freeze," said Galen G. Weston, chairman and president of Loblaw. "Customer expectations for value have never been higher, and we are working hard to meet them."

Loblaw Companies Limited operates more than 2,400 locations throughout Canada, and employs almost 200,000 people.