Canadian retailer Loblaw Companies reports Q1 FY21 sales of $11.8 bn

07 May '21

1 min read

Pic: Loblaw Companies/ Joe Fresh

Loblaw Companies Ltd, a Canadian food retailer (also retails apparel brands), posted marginal 0.6 per cent sales growth to $11.8 billion (Canadian dollars) in its first quarter (Q1) FY21 ended on March 27, 2021 compared to the same period previous fiscal. The company’s net earnings for Q1 FY21 rose to $335 million (Q1 FY20: $276 million).

The company’s e-commerce sales increased 133 per cent compared to Q1 FY20, while operating income rose 14 per cent to $617 million.

“A year into the pandemic, our stores, supply chain and digital assets have demonstrated resilience and innovation and are better prepared than ever to serve the needs of Canadians,” Galen G Weston, executive chairman, Loblaw Companies Limited, said in a press release. “Our strong financial results reflect continued momentum and positive consumer response to the value and services in our stores and our expanding online solutions.”

Retail segment sales which includes in-store pharmacies and other health and beauty products and apparel and other general merchandise, rose 0.7 per cent to $11,670 million ($11,584 million).

Fibre2Fashion News Desk (JL)

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