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Industry NewsLoblaw retail sales up 6%, e-comm sales decline 1%

Loblaw retail sales up 6%, e-comm sales decline 1%

Loblaw food retail sales grew 3.1 per cent in the first quarter of 2023 and discount continued to outperform conventional grocery stores. Overall retail sales for Loblaw climbed 6 per cent, while e-commerce sales declined 1 per cent, lapping elevated online sales due to last year’s lockdown.

Loblaw raised its dividend 10 per cent after reporting a profit available to common shareholders of $418 million for its first quarter.

Reflecting the changing patterns of shoppers in search of deals, Loblaw food retail traffic increased but basket size decreased.

“In the face of ongoing inflation, we are working hard to deliver the value and choice Canadians are looking for,” said Galen G. Weston, chairman and president, Loblaw Companies Limited. “I’m pleased that customers are responding positively to the breadth of our offerings including our diverse store formats, market leading prices, private label brands, and loyalty offers.”

Revenue in the quarter grew $733 million or 6 per cent to $12,735 million. Food retail sales were $9,011 million and food retail same-store sales grew by 3.1 per cent (2022 – grew by 2.1 per cent), including the negative impact of 1.1 per cent related to the timing of New Year’s Day. Food retail same-store sales were also negatively impacted by higher-than-normal eat-at-home levels in the prior year. 

The Consumer Price Index as measured by The Consumer Price Index for food purchased from stores was 10.5 per cent (2022 – 7.5%) which was generally in line with the company’s internal food inflation; and

Drug retail (Shoppers Drug Mart) sales were $3,724 million, and drug retail same-store sales grew by 7.4 per cent (2022 – 5.2 per cent), with pharmacy and healthcare services same-store sales growth of 4.7 per cent (2022 – 6.8 per cent) and front store same-store sales growth of 10.3 per cent (2022 – 3.6 per cent).

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