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Industry NewsDiscount, drugstore drive Loblaw Q2 profit increase

Discount, drugstore drive Loblaw Q2 profit increase

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Loblaw Companies Limited reported a $387 million profit in its second quarter, driven by drugstore and discount grocery sales.

Revenues were $12.85 billion, an increase of $356 million or 2.9 per cent compared with $12.49 billion in the prior year quarter.

Retail segment sales were $12,623 million, an increase of $341 million or 2.8%. Food same-store sales increased 0.9 per cent and pharmacy same-store sales increased 5.6 per cent.

Drug retail (Shoppers Drug Mart) sales were $3,642 million, and drug retail same-store sales grew by 5.6 per cent compared to 9.6 per cent in 2021, with pharmacy and healthcare services same-store sales growth of 6.1 per cent (2021 – 17.2 per cent) and front store same-store sales growth of 5.2 per cent (2021 – 3.6 per cent). Pharmacy and healthcare services sales includes Lifemark revenues from the date of acquisition of $49 million. Loblaw says Lifemark revenues are excluded from same-store sales.

E-commerce sales decreased by 17.5 per cent, lapping elevated online sales due to lockdowns last year.

“Loblaw delivered consistent operating and financial results, as customers recognized the value, quality and convenience delivered through our diverse store formats, control brand products, and our PC Optimum loyalty program,” says Galen G. Weston, chairman and president, Loblaw Companies Limited. “In the quarter we also continued to pursue our strategic growth agenda, with the completion of our acquisition of Lifemark Health Group, bolstering our healthcare services offering and furthering our purpose to help Canadians Live Life Well.”

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