Loblaw’s revenue hit $12.9 billion in the quarter ended June 18, up $356 million — or about three per cent — from the same quarter last year. The company said the bulk of the sales increases came from retail, but its newly acquired Lifemark Health Group contributed $49 million in revenue after the deal closed in May.
Net earnings were $428 million, down $6 million from last year. Loblaw said it recorded a charge of $111 million in the quarter, due to aOn an adjusted basis, however, profit available to common shareholders was $566 million, up 22 per cent over last year. Adjusted net earnings per share were $1.69, up 25 per cent. Analysts were forecasting earnings per share of $1.59, according to a report from Bank of Nova Scotia analyst Patricia Baker.
Loblaw noted that its earnings-per-share growth was helped by share buybacks, as it spent $603 million on repurchases in the second quarter alone. Canada’s biggest grocer and its rivals in the sector have found themselves in the spotlight lately, since steep rises in Canadian grocery bills have helped drive the worstcrisis in decades. Grocers say they’ve been swarmed by suppliers, all asking for more money to offset increases in the cost of ingredients, transport, packaging, and labour. So Loblaw has had to decide whether to accept those cost increases and pass them onto the consumer, or absorb the extra costs in its profit margins.
Loblaw said it increased gross profit margins by 60 basis points in the quarter, to 31.2 per cent. But it said the boost came from its drug stores, not food retail.Article content
Source: Healthcare Press (healthcarepress.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Loblaw links profit boost to health products, calls grocery margins 'stable'Loblaw said its profit\u002Dmargin boost came from its drug stores, not food retail. Find out more here. Ohhh, they are gouging us for health products not groceries. So they're price fixing health products instead of bread this time. Ya, ok.
Source: nationalpost - 🏆 10. / 80 Read more »
Loblaw Q2 profit increases to $387M amid strength in drugstores - BNN BloombergLoblaw has posted an increase in its second-quarter profit and revenues as drugstore sales boosted the company's margins and discount grocery store sales grew. We plan ahead and generally don't buy an item unless it's 'on sale'. When it is 'on sale' we buy a lot, unless it's perishable. If you base your diet a 2000 cal per days...you will save 50% of your grocery bill and also buy better quality food. With 2000cal...75% of the supermarket you don't buy....60% of the population is overweight Wanna save a bundle at the supermarket? Simple... stay out of the middle aisles! Cook fresh, at home, and your body will thank you.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Loblaw Q2 profit jumps to $387M amid higher drugstore, discount store sales - National | Globalnews.caAdjusted profits for the three months ended June 18 was $566 million or $1.69 per diluted share, up from $464 million or $1.35 per diluted share in the second quarter of 2021. $387M in a single quarter. Doesn’t raise salaries like it does prices. Galen Weston is a terrible human. Poll: Is Loblaw taking advantage of customers? To be fair, $387M in today’s money is like $100M in 2019
Source: GlobalNational - 🏆 81. / 51 Read more »
Expert doubtful competition bureau would find price-fixing in Alberta's high gas pricesAn expert in competition law believes it\u0027s unlikely the Competition Bureau will find blame price\u002Dfixing for Alberta’s high gasoline prices. Are people still listening to experts? Every station doesn't get gasoline delivered same day. Therefore why are all stations upping price same day even though cheaper gasoline is still in their storage tanks. How long does it take big storage tanks of Esso to be emptied! Yeah yeah expert
Source: calgaryherald - 🏆 64. / 52 Read more »
SkinTok: Where to find the skincare products that go viralBetween the loops of repetitive music, pixlelated graphics, choppy editing and “dances,” TikTok can be an assault on the senses.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »
Saskatoon woman hopes message seen on car will help her find kidney donor | Globalnews.caIt's not just a problem in the province. It's a problem across the country. One in 10 Canadians lives with kidney disease
Source: GlobalNational - 🏆 81. / 51 Read more »