Loblaw's profit up from a year ago amid higher customer traffic
Loblaw Companies Ltd. reported its second-quarter profit rose compared with a year ago as the company says customer traffic, basket size and item count all increased year-over-year.
The parent company of Loblaws and Shoppers Drug Mart says its net earnings available to common shareholders amounted to $714 million or $2.37 per diluted share for the quarter ended June 14.
The result was up from a profit of $457 million or $1.48 per diluted share in the second quarter of 2024.
On an adjusted basis, Loblaw says it earned $2.40 per diluted share in its latest quarter, up from an adjusted profit of $2.15 per diluted share a year earlier.
Revenue for the quarter totalled $14.7 billion, up from $13.9 billion, as food retail same-store sales rose by 3.5 per cent.
Drug retail same-store sales rose 4.1%, with pharmacy and health care services same-store sales up 6.2%, and front store same-store sales increasing 1.7%.
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"Canadians are seeking value, quality and service and are increasingly rewarding us for delivering on their needs, resulting in sales and market share growth," said Per Bank, president and chief executive officer, Loblaw Companies Limited in a release accompanying the results. "We are bringing our value focus to more and more communities across Canada through our new store openings, with 61 new stores opened since last year."
The company further added that “Loblaw will continue to execute on retail excellence while advancing its growth initiatives with the goal of delivering consistent operational and financial results in 2025. The company's businesses remain well positioned to meet the everyday needs of Canadians.”
With additional files from Loblaw Companies Ltd.
