An almost doubling in e-commerce revenue to more than $1 billion helped Loblaw Cos Ltd., the parent of Loblaws grocery chain and Shoppers Drug Mart, increase its 2019 profit over the previous year, but not enough to satisfy analysts.
The picture in the fourth quarter was $254 million in profit attributable to shareholders, a $28 million increase from the same period in 2018. However, analysts surveyed by Bloomberg had expected profit of $406.33 million, a miss of 37 per cent. Davis said the company was working on reducing wait times for its click-and-collect program that’s driving food, beauty and pharmacy e-commerce purchases as home delivery also expands, but at a slower rate.
Loblaw president Sarah Davis Loblaw, which faces a competitive online environment, widened its internet presence in November by expanding the PC Express marketplace to sell everything from toys to furniture, much like industry leader Amazon.
Loblaws has gone downhill. They charge more for the same quality u can get at Walmart for less. Great business model in the short term.
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