Home / Knowledge / News / Apparel/Garments / Loblaw retail sales up 0.8% in Q3FY18

Loblaw retail sales up 0.8% in Q3FY18

23
Nov '18
Courtesy: Loblaw Companies Ltd
Courtesy: Loblaw Companies Ltd
The retail segment sales at Loblaw Companies Ltd, one of the largest Canadian retailers, during the third quarter of fiscal 2018 were $14,105 million, an increase of $112 million, or 0.8 per cent, compared to the third quarter of 2017. Excluding the consolidation of franchises, retail segment sales increased by $9 million, or 0.1 per cent.

The retail segment consists primarily of corporate and franchise-owned retail stores, which includes beauty products, apparel and other general merchandise, and provides the PC Optimum programme. This segment is comprised of several operating segments that are aggregated primarily due to similarities in the nature of products and services offered for sale in the retail operations and the customer base.

Operating income in the third quarter of fiscal 2018 was $703 million, a decrease of $465 million compared to the third quarter of fiscal 2017. The decrease in operating income included an improvement in underlying operating performance of $18 million and the unfavourable year-over-year net impact of adjusting items totaling $483 million.

Net earnings available to common shareholders of the company were $106 million, a decrease of $777 million, or 88.0 per cent, compared to the third quarter of fiscal 2017. Diluted net earnings per common share were $0.28, a decrease of $1.96, or 87.5 per cent, compared to the third quarter of fiscal 2017

Adjusted net earnings available to common shareholders of the company were $562 million, an increase of $13 million or 2.4 per cent, compared to the third quarter of fiscal 2017.

"We delivered strong financial results in the third quarter and we are pleased with the performance across our retail business," said Galen G Weston, chairman and chief executive officer, Loblaw Companies Limited. "Our strategy continues to build momentum as our data-driven insights and process and efficiency initiatives enable us to make additional investments in our future."

For fiscal 2018, Loblaw is focused on its strategic framework, delivering best in beauty, using data driven insights underpinned by process and efficiency excellence. This framework is supported by the company's financial plan of maintaining a stable trading environment that targets positive same-store sales and stable gross margin, creating efficiencies to deliver operating leverage, investing for the future and returning capital to shareholders.

The first half of the year was characterised by incremental cost headwinds and a very competitive retail market. In the second half, the company is experiencing increased cost pressures, including from the surtax imposed on certain US imports. Management continues to focus on overcoming these headwinds. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 14th Dec 2019

No retroactive anti-dumping duty on US PTY import from PRC

As the US International Trade Commission has not found critical...

Pic: Shutterstock

Retail | On 14th Dec 2019

7000 Hong Kong retail establishments may close down: HKRMA

Some 7,000 licensed retail establishments out of 64,000 in Hong Kong...

Pic: Attune

Information Technology | On 14th Dec 2019

Attune delivers SAP S/4HANA for fashion brands

Attune has successfully completed multiple SAP S/4HANA for fashion...

Interviews View All

Headhonchos, Indian fashion industry

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Textile industry, Head honchos

Textile industry
Head honchos

Relaxation in FDI norms will support growth of retail sector

Top executives, Textile Industry

Top executives
Textile Industry

We will move away from mass production to production in micro-factories

Vikram Saria,

Vikram Saria

Shanghai-based Aura Designs Ltd is a leading manufacturer of textile and...

Eric Schoeller,

Eric Schoeller

Groz-Beckert is the world's leading provider of industrial machine...

John Elmuccio,

John Elmuccio

Evolution St Louis is a company setting up a high-tech knitting facility...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search