BRAMPTON, ONTARIO, CANADA - The results are in for Loblaw Companies Limited’s fourth quarter 2022. The retailer reported that revenue for the quarter was $14,007 million ($14 billion), an increase of $1,250 million ($1.25 billion), or 9.8 percent. Loblaw also released its 2022 Annual Report - Financial Review, including management’s discussion and analysis for the fiscal year ended December 31, 2022.
“Loblaw used its assets to provide value to customers in a period of continued inflation,” said Galen G. Weston, Chairman and President of Loblaw Companies Limited. “Consumers responded favorably to those efforts and continued to benefit from our extensive private label offering, leading loyalty program, and targeted promotions.”
According to Loblaw’s release, retail segment sales for the fourth quarter grew 9.7 percent, reflecting strong growth in the food segment. Food retail sales reflected the company’s efforts to provide value to its customers. The company’s discount stores outperformed as well, benefiting from an increased consumer focus on price. Promotional strategies were also reportedly influential on this quarter’s growth.
Highlights from the quarter include:
- Retail segment sales were $13,694 million, an increase of $1,208 million, or 9.7 percent. Food retail (Loblaw) same-store sales increased by 8.4 percent
- E-commerce sales increased by 8.3 percent
- Operating income was $871 million, an increase of $166 million, or 23.5 percent
- Adjusted EBITDA was $1,493 million, an increase of $169 million, or 12.8 percent
Highlights from the annual report include:
- Revenue was $56,504 million, an increase of $3,334 million, or 6.3 percent
- Food retail same-store sales increased by 4.7 percent
- E-commerce sales were approximately $3 billion, a decrease of 3.8 percent, lapping elevated online sales due to lockdowns the year prior
For more from Loblaw’s report, click here.
ANUK will continue to track the progress of grocery retailers, so don’t go anywhere.
