Canadian retailer Loblaw posts Q2 FY21 sales of $12.5 bn

02 Aug '21

1 min read

Pic: Loblaw Companies/ Joe Fresh

Loblaw Companies Ltd, a Canadian food retailer (also retails apparel brands), reported 4.5 per cent sales increase to $12.5 billion (Canadian dollars) in its second quarter (Q2) FY21 ended on June 19, 2021, compared to $11.9 billion in the same period of previous fiscal. Net earnings for Q2 FY21 rose to $378 million (Q2 FY20: $172 million).

“In the second quarter, Loblaw delivered strong financial performance while lapping the heightened sales and significant Covid-related costs experienced at the beginning of the pandemic,” Galen Weston, president and chairman at Loblaw Companies Limited, said in a press release.

Due to the lapping of the high penetration rates in Q2 FY21, the company’s e-commerce sales slipped 0.5 per cent compared to 280 per cent growth in Q2 FY20. However, operating income surged to $752 million ($404 million).

“We maintained our focus on delivering value and quality to Canadians while providing a safe shopping experience, and are well-positioned to meet the evolving needs of customers as the pandemic restrictions begin to lift,” Weston added.

Fibre2Fashion News Desk (JL)

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